August - 2017

COSL Singapore agrees to pay $415,350 for Iran Violations

COSL Singapore Ltd. is the leading integrated oilfield services provider in the offshore China market. On 24th of August, 2017, the US department of Treasury' OFAC found, through two subsidiary companies, that COSL Singapore has violated Iranian Transactions and Sanctions Regulations, 31 C.F.R. Part 560 (ITSR). They have agreed to pay $415,350 to settle potential civil liability for alleged violations. For complete information, click here.

Additional Sanctions for Venezuela

Trump Administration has taken a step forward by imposing additional sanctions in regard with situations in Venezuela and has published Executive Order (EO) with four general licenses. 1. General license no. 1 2. General license no. 2 3. General license no. 3 4. General license no. 4 This EO is effective from August 25, 2017. For complete information, click here.

Iranian Apps removed from Apple Store

Many of the popular Iranian Apps have been removed from the Apple Store due to the US sanctions regulations. The decision by Apple was inevitable. The re-imposition of specific sanctions against Iran’s military for its ballistic missile program made this move problematic since the Revolutionary Guards control an estimated 78% of Iran’s economy through a myriad of shell companies, including the Ministry of Telecommunications governing all phones and internet access. Even th

Plastic Bags banned in Kenya

After a struggle of 10 years, a ban on plastic bags has finally come into force on Monday in Kenya. The Kenyan government took this step to protect the environment, as Kenyans are estimated to use 24 million bags a month. For violations of the ban, there can be a minimum $19,000 to maximum of $38,000, or years of jail term. The ban applies to manufacturers, importation of plastics and the users of plastic bags.

Shipping firm Blue Sky Blue Sea, Inc. to pay $518,063 for settlement

Yesterday, the US department of Treasury's OFAC has announced civil monetary penalty for the US shipping firm Blue Sky Blue Sea, Inc., doing business as American Export Lines and International Shipping Company and collectively referred as "AEL" for more than half-a-million dollars. From 2010 to 2012, AEL appears to have violated Iranian Transactions and Sanctions Regulations (ITSR), 31 C.F.R. Part 560, by transshipping used and junked cars and parts from the United States vi

Changes made to the Wassenaar Arrangement (WA) List of Dual-Use Goods and Technologies

The rules have been revised for Commerce Control List (CCL) of US in correspondence to Export Administration Regulations (EAR) of the Bureau of Industry and Security (BIS). The changes are in the Wassenaar Arrangement List of Dual-Use Goods and Technologies (WA List) from December, 2016 WA Plenary meeting. Changes are made according to the category as, 1. Special Materials and Related Equipment, Chemicals, “Microorganisms,” and “Toxins 2. Materials Processing 3. Electronics 4

New End-Use-Certificate for German Authorities (BAFA)

The "End-Use-Certificates" for the export of the following goods are revised by the German authority (BAFA). - Export and shipment of arms and related material. - Export and shipment of dual-use goods. - Export of goods of the anti-torture regulation. Until 31st of March 2018, End-Use-Certificates are accepted according to the previous samples. Appropriate end-user Certificates which have already been submitted are also acknowledged. Therefore, there is no need to request

Reinstatement of Pratt & Whitney Canada Corporation Under the Arms Export Control Act

Yesterday, the Department of State published a Federal Register Notice that Pratt & Whitney Canada Corporation is allowed to export defense articles (including technical data) and defense services. In accordance with section 38(g)(4) of the AECA and sections 127.7(b) and 127.11(b) of the ITAR, Pratt & Whitney Canada Corporation is eligible to be involved in ITAR-regulated activities and the statutory debarment is rescinded. Also, Pratt & Whitney Canada Corporation may parti

Oil company Halliburton agrees to pay civil charges

Oil company Halliburton Co profited by approximately $ 14 million, with a business that violated the Foreign Corrupt Practices Act (FCPA). The company violated federal anti-bribery rules related to books, record-keeping and internal accounting controls while obtaining independent compliance consultant to oversee its anti-corruption policies in Angola. For the violation, now the company has agreed to pay $29.2 million to settle civil charges. In addition, former vice president

Bitcoin charged with civil penalty for embezzlement

A 38-year-old Russian national Alexander Vinnik was arrested while on vacation in Greece. He is believed to have 21 counts of money laundering of more 800,000 Bitcoin worth of $ 4 billion from Mt. Gox, staggering funds connected to the now-defunct Japanese Bitcoin exchange. The Department of Treasury's FinCEN, made civil money penalty against Bitcoin (BTC-e) for violating anti-money laundering (AML) laws and assessed $12 million penalties against Alexander Vinnik and $110,00

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