Syria Sanctions Archives - Corruption, Crime & Compliance

18 Jan, 2023

OFAC’s New Year’s Eve Settlement with Danfoss for $4.3 Million for Sanctions Violations

OFAC closed out 2022 with a late-night $4.3 million settlement with Danfoss A/S, a Danish manufacturer of refrigeration and cooling products for violations of the Iran, Syria and Sudan sanctions programs. OFAC has had a productive year – implementing and enforcing Russian sanctions while continuing its aggressive sanctions enforcement program. For 2022, OFAC had 16 settlements along with $42 million in penalties. Danfoss’ violations involved...

General

16 Nov, 2022

Bureau of Industry Security Ramping Up Export Control Enforcement

The Department of Commerce’s Bureau of Industry and Security promised aggressive enforcement of export controls. BIS’s promise extended beyond the Russian-Belarus export controls. BIS has kept its promise. WEBs Electronics Trading Company In a recent charging letter, BIS stated that WEBS Electronics Trading Company, a United Arab Emirates company, violated U.S. export controls by shipping or trying to ship $50,000 worth of U.S.-origin telecommunications items...

General

10 Sep, 2021

First Bank of Romania Settles OFAC Violations for $862,318 (Part IV of IV)

The First Bank of Romania and JC Flowers agreed to pay OFAC $862,318 to settle violations of Iran and Syria Sanctions Programs. First Bank is owned by its U.S. parent, JC Flowers & Company. In 2018, JC Flowers acquired a majority stake in First Bank, subjecting Frist Bank to OFAC sanctions. In early 2019, First Bank’s regulator, the National Bank of Romania flagged a U.S....

Uncategorized

22 Jul, 2020

The Mighty Amazon Falls to the OFAC Sanctions Sword

How the Mighty Have Fallen – Old Testament (2 Samuel 1:19) The Harder They Come, the Harder they Fall – Jimmy Cliff (song) Amazon joins the exclusive club of high-tech OFAC violators. Last year, Apple settled with OFAC for sanctions violations. This year, we can add Amazon to the list of OFAC violators. On July 8, 2020, Amazon settled with OFAC for $134,523 for violations...