The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced a $415,350 settlement with COSL Singapore Ltd, headquartered in Singapore, to settle COSL Singapore’s potential civil liability for 55 apparent violations of the Iranian Transactions and Sanctions Regulations, 31 C.F.R. Part 560 (ITSR).
Between on or about October 7, 2011 to on or about February 20, 2013, COSL Singapore appears to have violated §§ 560.203 and 560.204 of the ITSR when, through its subsidiary companies, it exported or attempted to export 55 orders of oil rig supplies from the United States to Singapore and the United Arab Emirates, and then re-exported or attempted to re-export these supplies to four separate oil rigs located in Iranian territorial waters.
OFAC determined that COSL Singapore did not voluntarily self-disclose the apparent violations to OFAC, and that the apparent violations constitute a non-egregious case.
(Source: U.S. Department of the Treasury)