OFAC Updates Week 7/19/21

July 19, 2021

The Office of Foreign Assets Control (OFAC) has announced a settlement with Alfa Laval Middle East Ltd. (AL Middle East), located in Dubai, United Arab Emirates, for potential civil lability for apparent violations of the Iranian Transactions and Sanctions Regulations. AL Middle East sells fluid handling and other equipment for the energy industry but is suspected of conspiring with Dubai and Iran based companies to export storage tank cleaning units from the United States to Iran. OFAC found this to be an egregious case as AL Middle East did not voluntarily self-disclose so a settlement of $415,695 has resulted from the conspiracy.

OFAC has announced a second settlement with Alfa Laval Inc (AL U.S.), located in Richmond, Virginia, for potential civil liability for apparent violations of the Iranian Transactions and Sanctions Regulations. OFAC alleges that AL U.S. referred a known Iranian business opportunity to its foreign affiliate in Dubai (detailed above). OFAC determined that the violations constituted a non-egregious case so it has agreed to a settlement amount of $16,875.

July 20, 2021

OFAC has issued Venezuela General License 5G, "Authorizing Certain Transactions Related to the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond on or After October 21, 2021." Additionally OFAC has updated Frequently Asked Question (FAQ) 595.

July 22, 2021

OFAC has updated there Specially Designated Nationals and Blocked Persons (SDN) List with Global Magnitsky [GLOMAG] designations. The designations were placed on a Cuban individual and a governing entity from Cuba as well. GLOMAG designations are placed on individuals or entities suspected of human rights violations.

July 23, 2021

OFAC has announced a settlement with Payoneer Inc., a New York based online money transmitter and provider of prepaid access, for potential civil liability for 2,260 apparent violations of multiple sanctions programs. Payoneer processed payments for parties located in the Ukraine, Iran, Sudan and Syria and also fulfilled transactions for sanctioned individuals. Payoneer agreed to pay $1,400,301.40 as settlement for these apparent violations.

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