The U.S. Department of Treasury
Office of Foreign Assets Control (OFAC) announced
Tuesday that it had assessed $1.5 million penalty against a United Arab Emirates-based
investment company for violating the Iranian Transactions and Sanctions Regulations.
OFAC claims that from
September 2009 to February 2010, Alma Investment LLC, which serves as a general
trading company, originated at least six electronic fund transfers through
U.S.-based financial institutions for the benefit of individuals and entities
in Iran. Because Alma did not voluntary disclose such activity, it constituted
a violation of OFAC’s ban on exporting services, directly or indirectly, from
the United States to Iran or the government of Iran.
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