OFAC Settles With Company Over Apparent Iran Sanctions Violation
The Office of Foreign Assets Control entered into a $43,200 settlement with World Class Technology (WCT) Corporation for its alleged exportation of seven shipments of orthodontic devices, valued at a combined $59,886, from the U.S. with the intent for them…
Sign up for a free preview to unlock the rest of this article
If your job depends on informed compliance, you need International Trade Today. Delivered every business day and available any time online, only International Trade Today helps you stay current on the increasingly complex international trade regulatory environment.
to eventually reach Iran, OFAC said (here). WCT shipped the goods to Germany, the United Arab Emirates, “and/or” Lebanon, with the “knowledge or reason to know” the shipments were intended to be supplied, transshipped or re-exported to Iran, in apparent violation of the Iranian Transactions and Sanctions Regulations, OFAC said.