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A Bangkok primarily based plastics agency has agreed to pay $20 million to settle with the U.S. over 467 “egregious” violations of Iran sanctions, the U.S. Treasury introduced on Friday.
WASHINGTON: A Bangkok -based plastics agency has agreed to pay $20 million to settle with the U.S. over 467 “egregious” violations of Iran sanctions, the U.S. Treasury introduced on Friday.
SCG Plastics Co. used U.S. banks to course of $291 million in gross sales of Iranian high-density polyethylene resin from 2017 to 2018, in response to the signed settlement settlement between the agency and Treasury’s Workplace of International Belongings Management.
The resin, used for product bottles and industrial gadgets, was manufactured by an Iranian three way partnership owned partly, by SCG Plastics’ mother or father firm, SCG Chemical substances and the Nationwide Petrochemical Firm of Iran, which is a authorities entity.
The settlement states that SCG Plastics used “delivery and documentation practices that obfuscated the product’s Iranian origin and Iranian events’ involvement,” which brought about banks to unknowingly course of transfers in violation of OFAC’s sanctions on Iran.
“On account of these transactions, vital financial advantages had been conferred to Iran’s petrochemical sector, a serious income technology for the Iranian regime,” Treasury says. OFAC decided that the 467 violations of Iran sanctions had been “egregious” and fined the corporate $20 million, which is to be paid inside 90 days.
Whereas SCG Plastics is not in operation, a signed settlement between OFAC and the agency releases SGC Plastics from any legal responsibility associated to the sanctions violations.
The fines come as U.S. administration officers have introduced plans to impose extra sanctions on Iran after Tehran launched an unprecedented assault on Israel that might gas a wider struggle within the Center East.
On Thursday, the U.S. and U.Okay. imposed a brand new spherical of sanctions on Iranian individuals and companies related to drone manufacturing.
“We’ll proceed to deploy our sanctions authority to counter Iran with additional actions within the days and weeks forward,” Treasury Secretary Janet Yellen mentioned.
“We’ve additionally vigorously enforced our sanctions, together with by levying historic fines and exposing sanctions evasion schemes and networks. Our actions make it more durable and costlier at each flip for Iran to proceed its destabilizing habits.”
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