Treasury's OFAC assesses heavy penalty against UAE company for Iran sanctions violation

By Abraham Shanedling

The U.S. Department of Treasury Office of Foreign Assets Control (OFAC) announced Tuesday that it had assessed $1.5 million penalty against a United Arab Emirates-based investment company for violating the Iranian Transactions and Sanctions Regulations.

OFAC claims that from September 2009 to February 2010, Alma Investment LLC, which serves as a general trading company, originated at least six electronic fund transfers through U.S.-based financial institutions for the benefit of individuals and entities in Iran. Because Alma did not voluntary disclose such activity, it constituted a violation of OFAC’s ban on exporting services, directly or indirectly, from the United States to Iran or the government of Iran.