OFAC fines SCG Chemicals unit $20M over Iran sanctions violations
By 
Aaron Nicodemus2024-04-22T16:49:00
A subsidiary of Thailand-based SCG Chemicals Co. agreed to pay a $20 million fine to the Treasury Department’s Office of Foreign Assets Control (OFAC) over “egregious” violations of sanctions against Iran.
SCG Plastics, which is currently undergoing bankruptcy proceedings in Thailand, allegedly used U.S-based correspondent banks to process 467 transactions worth $291 million related to sales of lranian-origin high-density polyethylene resin (HDPE), according to its settlement agreement released Friday.
Of the alleged sales, 457 represented payments for HDPE products manufactured at an Iranian plant and 10 represented payments to resolve debt to third parties. The sales occurred from 2017-18, OFAC noted.
Related articles
-
News BriefMinnesota transport company hit with sanctions violations for Cuba, Iran trade
A Minnesota transportation company agreed to pay nearly $258,000 to settle allegations that a subsidiaries violated sanctions against Cuba and Iran more than 80 times, the U.S. Treasury Department’s Office of Foreign Assets Control said.
-
OpinionGerman firm Aiotec to pay $14.5M to settle Iran sanctions violation
German petrochemical parts supplier Aiotec agreed to pay $14.5 million to settle allegations that it engaged in a four-year conspiracy to dismantle and ship a plastics manufacturing plant owned by a U.S. company to Iran, in violation of U.S. sanctions.
-
News BriefOFAC sanctions entities providing electronic components for Iranian weapons
Five individuals and seven entities in Iran, China, and Hong Kong have been targeted for U.S. sanctions by the Treasury Department’s Office of Foreign Assets Control for helping to obtain components used in Iran’s missles and drones.
More from Regulatory Enforcement
-
News BriefCFPB ends probe into Meta’s financial advertising practices
Meta says it is no longer under investigation by the U.S. Consumer Financial Protection Bureau (CFPB), the latest instance of the agency scaling back enforcement under President Donald Trump.
-
News BriefTexas sues Johnson & Johnson, Kenvue over alleged misleading marketing of Tylenol
Texas Attorney General Ken Paxton sued two pharmaceutical companies for ”deceptively marketing Tylenol to pregnant mothers” despite risks linked to autism. The filing came two days before HHS Secretary Robert F. Kennedy Jr. appeared to walk back the claims.
-
News BriefCFPB scraps bad-actor registry, citing cost-benefit issues
The Consumer Financial Protection Bureau shut down a registry of non-bank financial firms that broke consumer laws. The agency cites the costs being ”not justified by the speculative and unquantified benefits to consumers.”