Dubai subsidiary settlement
New Jersey-based Construction Specialties Inc. paid $660k to the Treasury Department’s Office of Foreign Asset Control’s (“OFAC”) to settle possible violations of Iran sanctions between 2016 and 2017. The company’s Dubai operations’ management allegedly concealed product shipments to Iran. The company voluntarily disclosed the violations and committed to improving its trade compliance program.
New deemed export guidance
The Bureau of Industry and Security (“...
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