Eagle Shipping International will make a handful of enhancements to its compliance controls as part of a $1.125 million settlement with the Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced Monday with regard to apparent sanctions violations.
OFAC says Eagle Shipping committed 36 apparent violations of the Burmese Sanctions Regulations in a case it deemed “egregious.” The maximum penalty in the case was $9 million; OFAC listed the compliance enhancements as mitigating factors in assessing the final settlement amount.
