Two Companies Fined for Violating Embargo Against Iran
The Bureau of Industry and Security has issued two orders assessing separate $190,000 civil penalties against companies located in New Jersey and France for their involvement in a scheme to export or attempt to export tens of thousands of pairs of industrial strength gloves through the United Arab Emirates to Iran in violation of the U.S. economic embargo against that country. BIS states that no U.S. government authorization was sought or obtained for these transactions even though the companies knew or had reason to know that Iran was the ultimate destination for the items. If either of these companies fails to pay its penalty in a full and timely manner its export privileges may be suspended for one year.
ST&R will be hosting a webinar Feb. 13 to review export compliance program best practices. Click here for more information.