OFAC fines against US companies announced

FROM A
DIFFERENT ANGLE by Kenneth Rijock

Financial Crime Consultant, for World-Check

15 January 2008

The Office of Foreign Assets Control, or OFAC, has again published a list of recent fines levied against US firms found to be in violation of its regulations. World-Check regularly details this information on these pages to identify the companies involved.

The companies fined and the circumstances of each:

Zimmer Dental Inc/Centerpulse Dental Inc; $ 82,850 for violation of Iranian Transactions Regulations. Exports to Iran without an OFAC license.

BB&T; $10,000 fine for permitting an ACH debit against an account held for a SDGT.

Colonial Navigation Co. Inc.; $6,000 fine for Iranian Regulations violations. Facilitation if transaction by foreign person which would be a prohibited transaction if performed by a US person attempting to transfer funds to an Iranian port agent.

Medcraft Indistries Inc.; $3000 fine for a trade-related transaction involving export of goods to Iran.

Millipore Corporation Inc; $1000 fine for Iranian violations. Exporting scientific samples to Iran without an OFAC license.

Voipescrow Inc; $ 750 fine for Iranian violation. Attempt to transfer funds to Iran in connection with a prepaid calling card.

Diversified Business Communications; $ 5500 fine for Iranian violation. booth space booking arrangements where a conference was located in Iran.

The facts and opinions stated in this article are those of the author and not those of World-Check. World-Check does not warrant the accuracy of any facts and opinions stated in this article, does not endorse them, and accepts no responsibility for them.

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