Indian company settles allegations of Iranian sanctions violation

Allegations of Iranian sanctions violation

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) today announced that a company in Chennai, India has agreed to pay $17,500 to settle its potential civil liability for an apparent violation of the Iranian sanction rules.

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According to the OFAC release, the Indian company's Singapore subsidiary in 2008 placed an order for oil rig supplies from a vendor in the United States, with the intended purpose of re-exporting these supplies from the United Arab Emirates to an oil drilling rig located in Iranian territorial waters. The company did not voluntarily self-disclose the violation (that was identified as a “non-egregious case.”)

 

For more information, contact a professional with KPMG’s Trade & Customs practice:

Douglas Zuvich | +1 (312) 665-1022 | dzuvich@kpmg.com

Andrew Siciliano | +1 (631) 425-6057 | asiciliano@kpmg.com

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