The Treasury said in a statement that today's action "is the result of an exhaustive investigation by Treasury's Office of Foreign Assets Control (OFAC) along with other Federal agencies." "As part of the settlement, FSBV will satisfy its liability with the payment of a USD 10.5 million civil monetary penalty to OFAC and the Department of Commerce's Bureau of Industry and Security (BIS), a forfeiture of an additional USD 10.5 million pursuant to a deferred prosecution agreement reached with the Department of Justice's US Attorney's Office for the District of Columbia (USAO), and the acceptance of responsibility for its egregious conduct involving over 1,150 alleged violations of US sanctions," the statement noted.
OFAC Director Adam Szubin said in this regard "by illegally exporting aircraft spare parts to designated countries, FSBV flagrantly violated US sanctions laws and this illicit activity will not be tolerated.
According to the statement, from 2005 to 2010, FSBV "indirectly exported or re-exported aircraft spare parts to Iranian or Sudanese customers, which FSBV either specifically procured from or had repaired in the United States, or that were US-origin and required the issuance of a license by a Federal agency at the time of shipment." (end) si.sd