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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 accordance with the signed settlement settlement between the agency and Treasury’s Office of Foreign Assets Control.
The resin, used for product bottles and industrial objects, was manufactured by an Iranian three way partnership owned partially, by SCG Plastics’ father or mother firm, SCG Chemicals and the National Petrochemical Company of Iran, which is a authorities entity.
The settlement states that SCG Plastics used “shipping and documentation practices that obfuscated the product’s Iranian origin and Iranian parties’ involvement,” which precipitated banks to unknowingly course of transfers in violation of OFAC’s sanctions on Iran.
“As a result of these transactions, significant economic benefits were conferred to Iran’s petrochemical sector, a major source of revenue generation for the Iranian regime,” Treasury says. OFAC decided that the 467 violations of Iran sanctions have been “egregious” and fined the corporate $20 million, which is to be paid inside 90 days.
While 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 would gasoline a wider battle within the Middle East.
On Thursday, the U.S. and U.Okay. imposed a brand new spherical of sanctions on Iranian folks and corporations related to drone manufacturing.
“We will continue to deploy our sanctions authority to counter Iran with further actions in the days and weeks ahead,” Treasury Secretary Janet Yellen mentioned.
“We have also vigorously enforced our sanctions, including by levying historic fines and exposing sanctions evasion schemes and networks. Our actions make it harder and costlier at every turn for Iran to continue its destabilizing behavior.”
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