A federal judge approved the civil forfeiture of nearly $150,000 that was said to be laundered "to further [business owner Tsai Hsien-Tsai's] exportation of goods for the benefit of North Korean and Syrian entities involved in the respective regimes’ weapons programs," the Department of Justice said in an April 3 news release. The complaint alleged that Taiwan-based Trans Multi and its owner, also known as Alex Tsai, had laundered U.S. money related to illegal dealings with Syria and North Korea, the DOJ said. “The Court found that these blocked funds were the product of Tsai’s attempts to sell tools to a Syrian company using U.S. Dollars and a series of front companies,” U.S. Attorney Jessie Liu said. “Sanctions laws are critical to our national security and foreign policy interests, and this case demonstrates that we will seek significant remedies against those companies that violate them.”
Export Compliance Daily is providing readers with some of the top stories for March 25-29 in case they were missed.
A task force of sanctions policy experts published a list of trends that could have an impact on the future of U.S. sanctions, providing evidence of a U.S. shift toward unilateral foreign policy decisions and warning of unintended consequences from sanctions that are increasingly complex, according to a report commissioned by the Center for a New American Security.
The Treasury’s Office of Foreign Assets Control announced a $1.9 million settlement with a Connecticut-based industrial tool manufacturer and its China-based subsidiary after OFAC said the companies violated U.S.-imposed sanctions on Iran, according to a March 27 notice. The U.S. company -- Stanley Black & Decker -- and the Chinese subsidiary -- Jiangsu Guoqiang Tools Co. (GQ) -- attempted to export 23 “shipments of power tools and spare parts” worth more than $3 million to Iran from mid-2013 to the end of 2014, OFAC said.
Sanctions on North Korea have not been working, a United Nations Panel of Experts official told a House subcommittee on March 27, adding that North Korea has made no progress toward denuclearization.
The Treasury's Office of Foreign Assets Control issued several counter-terrorism, non-proliferation and Iran-related designations, OFAC said in a March 26 notice. The designations include nine people and 14 entities linked to Iran, the United Arab Emirates and Turkey, according to the notice. OFAC also updated two Iran-related listings on the Specially Designated Nationals List.
Export Compliance Daily is providing readers with some of the top stories for March 18-22 in case they were missed.
The Treasury Department’s Office of Foreign Assets Control, the State Department and the U.S. Coast Guard issued an update to its maritime petroleum shipping advisory to warn of deceptive shipping practices by Syria and highlight sanctions risks U.S. companies may face if trading with Syria or Iran. The update, a 10-page report that includes lists of ships that have “engaged in sanctionable conduct,” is aimed at “shipping companies, vessel owners, managers, operators, insurers, and financial institutions” who may face “significant U.S. sanctions risks.”
The Treasury’s Office of Foreign Assets Control sanctioned a Venezuelan state-run bank and five related entities, OFAC said in a March 22 notice, increasing pressure on the Nicolas Maduro-led regime in potentially the most impactful move against the country since January, when the U.S. sanctioned Petróleos de Venezuela, S.A, the country's state-run oil company.
The Treasury's Office of Foreign Assets Control updated its Specially Designated Nationals List with several Iran-related designations and non-proliferation designations, OFAC said in a March 22 notice. The additions include 14 individuals and 17 entities, according to the notice, all of which have connections to Iran.