Berkshire Hathaway, Inc. settles with OFAC for $4,144,651

On 20th October 2020, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announce a $4,144,651 settlement with Berkshire Hathaway, Inc. (“Berkshire”). Based in Omaha, Nebraska, Berkshire settled with OFAC for 144 apparent violations of the Iranian Transactions and Sanctions Regulations, 31 C.F.R. part 560.

Evidently, between 2012 and 2016, Iscar Kesici Takim Ticareti ve Imalati Limited Sirket, a Turkish subsidiary of Berkshire, knowingly exported 144 shipments of cutting tools and inserts to Iranian end-users through third-party Turkish distributors. Although Berkshire voluntarily disclosed the apparent violations of its subsidiary, OFAC has determined that these violations constitute an ‘egregious’ case.

For further information please see the U.S. Department of the Treasury’s recent actions, web notice and settlement agreement.