{"id":4684,"date":"2016-12-14T15:11:05","date_gmt":"2016-12-14T21:11:05","guid":{"rendered":"http:\/\/supfrt.com\/news\/?p=4684"},"modified":"2016-12-14T15:11:05","modified_gmt":"2016-12-14T21:11:05","slug":"ofac-reports-5-9-million-penalty-violation-sanctions","status":"publish","type":"post","link":"http:\/\/supfrt.com\/news\/2016\/12\/14\/ofac-reports-5-9-million-penalty-violation-sanctions\/","title":{"rendered":"OFAC Reports $5.9 Million Penalty for Violation of Sanctions"},"content":{"rendered":"<p><a href=\"http:\/\/supfrt.com\/news\/wp-content\/uploads\/2016\/02\/OFAC-logo.jpg\"><img decoding=\"async\" loading=\"lazy\" class=\"alignright size-full wp-image-4207\" src=\"http:\/\/supfrt.com\/news\/wp-content\/uploads\/2016\/02\/OFAC-logo.jpg\" alt=\"OFAC logo\" width=\"220\" height=\"278\" \/><\/a>OFAC Reports $5.9 Million Penalty for Violation of Sanctions<\/p>\n<p>The Office of Foreign Assets Control [OFAC] reported National Oilwell Varco,Inc., a Delaware\u00a0corporation, and two subsidiaries have agreed to pay $5.98 million to settle their potential civil liability for apparent violations of the Cuban Assets Control Regulations, the Iranian Transactions and Sanctions Regulations, and the Sudanese Sanctions Regulations.<\/p>\n<p>The conduct engaged in\u00a0included selling and exporting goods to Iran and\/or facilitating those transactions, exporting goods for the specific purpose of filling orders from Iranian customers, engaging in many\u00a0transactions involving the sale of goods to Cuba, and exporting goods to Sudan.<\/p>\n<p>Contributing factors is the company\u2019s conduct demonstrated at least reckless disregard for U.S. sanctions requirements;<\/p>\n<ul>\n<li>senior managers knew or had reason to know that their respective business transactions giving rise to the ITSR-related apparent violations involved Iran<\/li>\n<li>the company\u2019s conduct provided a significant and sustained economic benefit to the petroleum industries in Cuba, Iran, and Sudan<\/li>\n<li>the company\u2019s compliance program at the time of the apparent violations was wholly inadequate<\/li>\n<\/ul>\n<p>Some\u00a0Mitigating factors \u2013<\/p>\n<ul>\n<li>the company had not received a penalty notice or finding of violation in the previous five years<\/li>\n<li>cooperated with OFAC\u2019s investigation, including by agreeing to toll the statute of limitations for more than 2,600 days<\/li>\n<li>has made efforts to remediate its compliance program and agreed to further compliance enhancements<\/li>\n<\/ul>\n<p>To read the entire enforcement information-&gt; <a href=\"https:\/\/www.treasury.gov\/resource-center\/sanctions\/CivPen\/Documents\/20161114_varco.pdf\">OFAC<\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>OFAC Reports $5.9 Million Penalty for Violation of Sanctions The Office of Foreign Assets Control [OFAC] reported National Oilwell Varco,Inc., a Delaware\u00a0corporation, and two subsidiaries have agreed to pay $5.98 million to settle their potential civil liability for apparent violations of the Cuban Assets Control Regulations, the Iranian Transactions and Sanctions Regulations, and the Sudanese [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":4207,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_s2mail":"yes","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":""},"categories":[6,17,70],"tags":[14,108],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.0 - 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