1 month ago
WASHINGTON (AP) — A Bangkok-based plastics patient has agreed to salary $20 cardinal to settee pinch nan U.S. complete 467 "egregious" violations of Iran sanctions, nan U.S. Treasury announced connected Friday.
SCG Plastics Co. utilized U.S. banks to process $291 cardinal successful income of Iranian high-density polyethylene resin from 2017 to 2018, according to nan signed colony statement betwixt nan patient and Treasury's Office of Foreign Assets Control.
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The resin, utilized for merchandise bottles and business items, was manufactured by an Iranian associated task owned successful part, by SCG Plastics’ genitor company, SCG Chemicals and nan National Petrochemical Company of Iran, which is simply a authorities entity.
The colony states that SCG Plastics utilized "shipping and archiving practices that obfuscated nan product’s Iranian root and Iranian parties’ involvement," which caused banks to unknowingly process transfers successful usurpation of OFAC’s sanctions connected Iran.
"We will proceed to deploy our sanctions authority to antagonistic Iran pinch further actions successful nan days and weeks ahead," Treasury Secretary Janet Yellen said. (Tom Williams/CQ-Roll Call, Inc via Getty Images)
"As a consequence of these transactions, important economical benefits were conferred to Iran’s petrochemical sector, a awesome root of gross procreation for nan Iranian regime," Treasury says. OFAC wished that nan 467 violations of Iran sanctions were "egregious" and fined nan institution $20 million, which is to beryllium paid wrong 90 days.
While SCG Plastics is nary longer successful operation, a signed statement betwixt OFAC and nan patient releases SGC Plastics from immoderate liability related to nan sanctions violations.
The fines travel arsenic U.S. management officials person announced plans to enforce much sanctions connected Iran aft Tehran launched an unprecedented onslaught connected Israel that could substance a wider warfare successful nan Middle East.
On Thursday, nan U.S. and U.K. imposed a caller information of sanctions connected Iranian group and firms associated pinch drone production.
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"We will proceed to deploy our sanctions authority to antagonistic Iran pinch further actions successful nan days and weeks ahead," Treasury Secretary Janet Yellen said.
"We person besides vigorously enforced our sanctions, including by levying historical fines and exposing sanctions evasion schemes and networks. Our actions make it harder and costlier astatine each move for Iran to proceed its destabilizing behavior."
