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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2024-07-31T14:40:00
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 (OFAC) for helping to obtain components used in Iran’s missles and drones.
The components included accelerometers and gyroscopes, “which serve as key inputs to Iran’s ballistic missile and unmanned aerial vehicle (UAV) program,” OFAC said Tuesday in a press release. “Iran’s acquisition of critical missile and UAV components continues to enable its proliferation of weapons systems to its proxies in the Middle East and to Russia.”
In June 2023, OFAC sanctioned Beijing Shiny Nights Technology Development Co., a Beijing-based shell company that procured electronics equipment for end users in Iran. The latest sanctions targets an employee of Beijing Shiny Nights, a procurement agent, and Iran-based Buy Best Electronic Pars Company, which also has a facility in China.
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News and analysis for the well-informed compliance or audit exec.
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2024-06-26T14:37:00Z By Aaron Nicodemus
The Treasury Department’s Office of Foreign Assets Control sanctioned nearly 50 entities connected with so-called “shadow banking” networks that help Iran’s military evade U.S. sanctions and to sell the country’s oil and petrochemical products.
2024-05-08T20:47:00Z By Jeff Dale
The Financial Crimes Enforcement Network advised financial institutions in detecting illicit transactions related to Iran-backed terrorist organizations.
2024-04-22T16:49:00Z By Aaron Nicodemus
A subsidiary of Thailand-based SCG Chemicals Co. agreed to pay a $20 million fine to the Office of Foreign Assets Control over “egregious” violations of sanctions against Iran.
2024-06-21T16:37:00Z By Jeff Dale
The Treasury Department’s Office of Foreign Assets Control and Secretary Janet Yellen announced sanctions Thursday against the top leaders of La Nueva Familia Michoacana drug cartel over the illicit trafficking of synthetic opioid fentanyl in the United States.
2024-06-12T02:35:00Z By Jeff Dale
Sanctions compliance officers face myriad challenges as complex geopolitical situations heighten risks worldwide, experts discussed during Compliance Week’s Third-Party Risk Management & Oversight Summit.
2024-05-20T17:48:00Z By Jeff Dale
Flex disclosed in a public filing the Office of Foreign Assets Control is taking no action into potential sanctions violations the global manufacturer voluntarily self-disclosed in 2019.
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