OFAC Posts Penalties - Iranian Rugs and Cuban Cigars Net Biggest Fines

The US Department of the Treasury’s Office of Foreign Assets Control has posted a summary of civil penalties it recently assessed:

• Mahdavi’s A&A Rug company in Norcross, Georgia remitted $9,240 to settle violations of the Iranian Transactions Regulations. The company allegedly imported goods in violation and did not voluntarily disclose the matter to OFAC
• Morgan Stanely remitted $3162 for violations of the Narcotics Trafficking Sanctions Regulations. He issued instructions to a bank for a wire transfer from a SDNT’s account without an OFAC license.
• United Advantage Federal Credit Union paid $2,970 to settle allegations of violations of the Cuban Assets Control Regulations. The credit union acted without an OFAC license by processing a funds transfer destined to Cuba.
• Good Hope International, Inc. remitted $900 to resolve violations of the Iranian Transactions Regulations. The company used services of an Iranian vessel to transport goods from India to Holland without an OFAC license.
• Four separate individuals paid an amount totaling $4,648 for purchasing Cuban-origin cigars off the internet.

The full report is available at:

• OFAC - 04042008.pdf (PDF)