OFAC SETTLEMENT WITH SOJITZ (HONG KONG) LIMITED FOR APPARENT BREACH OF IRAN SANCTIONS

On 11 January, OFAC announced the settlement of $5,228,298 re the potential civil liability for apparent violations of the Iranian Transactions and Sanctions Regulations.  Sojitz (Hong Kong) made US dollar payments through US financial institutions for Iranian-origin high density polyethylene resin (HDPE) from its bank in Hong Kong to the HDPE supplier’s banks in Thailand. 

https://home.treasury.gov/system/files/126/20220111_sojitz.pdf

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section View all posts by raytodd2017