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Singapore company pays OFAC for Iran violations

08/24/2017
Fine Amount: 
$415,350
Penalty Type: 

OFAC has announced that COSL Singapore Ltd, an oilfield services company and subsidiary of China Oilfield Service Limited, has agreed to pay $415.350 to settle potential civil liability for 55 apparent violations of the Iranian Transactions and Sanctions Regulations, 31 C.F.R. Part 560 (ITSR). The apparent violations of §§ 560.203 and 560.204 of the ITSR occurred between the approximate
dates of October 7, 2011 and February 20, 2013 when COSL Singapore, through its subsidiary companies COSL Drilling Pan-Pacific (Labuan) Ltd and COSL Drilling Pan-Pacific Ltd, 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. The transactional value of the 55 orders is $524,664.

OFAC determined that COSL Singapore did not voluntarily disclose the apparent violations and that the apparent violations constitute a non-egregious case. The statutory maximum penalty amount for the apparent violations is $13,750,000, and the base penalty amount for the apparent violations is $923,000.

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