Singapore company settles violations, Iranian sanctions | KPMG | GLOBAL

Singapore company settles violations of Iranian transactions and sanctions

Singapore company settles violations, Iranian sanctions

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced that a company in Singapore agreed to pay approximately $415,000 to settle its potential civil liability for “apparent violations” of sanctions relating to transactions with Iran.

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According to the OFAC release, between October 2011 and February 2013, the Singapore company, through its subsidiary companies, exported or attempted to export 55 orders of oil rig supplies from the United States to Singapore and the United Arab Emirates, and then re-exported or attempted to re-export these supplies to four separate oil rigs located in Iranian territorial waters.  

The OFAC determined that the company did not voluntarily self-disclose the apparent violations, and that the apparent violations constituted 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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