Fine for Italian gas boiler component producer shows risks of non-compliance with US control and sanctions rules
Posts Tagged ‘fines and penalties’
Fine for Italian gas boiler component producer shows risks of non-compliance with US control and sanctions rules
A recent fine imposed by the Office of Foreign Assets Control (OFAC) in the US demonstrated the dangers of disregarding US regulations when handling US-controlled items. Italian business Nordgas S.r.l. has agreed to pay $950,000 to settle its potential civil liability for apparent violations of the US Iranian Transactions and Sanctions Regulations (ITSR). The US…
Read MoreGerman software firm SAP SE show the benefits of self-disclosure with reduced penalties for US control breaches
German software company SAP SE has become the first company to benefit from a US Justice Department programme that encourages companies to self-report criminal export violations in exchange for leniency. The firm disclosed that it violated export and sanctions laws related to Iran. It agreed to help US agencies conduct further investigations, the US Justice…
Read More