Neogen discloses avoided OFAC fine in Iran sanctions probe
By 
Jeff Dale2023-08-16T16:32:00
Neogen Corp. disclosed the Treasury Department’s Office of Foreign Assets Control (OFAC) concluded a probe into potential sanctions violations regarding transactions by the food safety company with parties in Iran without issuing a fine.
Neogen said it received a cautionary letter from OFAC in March “concluding its investigation without civil monetary penalty or other enforcement action,” the company disclosed in a regulatory filing Tuesday.
In March 2020, the company received an administrative subpoena from OFAC regarding activities or transactions involving parties located in Iran, it disclosed in previous filings.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
News BriefEmigrant Bank to pay $32K in Iran sanctions case
New York-based Emigrant Bank agreed to pay nearly $32,000 as part of a settlement with the Office of Foreign Assets Control addressing apparent sanctions violations regarding an account it maintained for a pair of Iranian residents.
-
News BriefGreek shipper fined $2.5M in Iranian oil smuggling case
Empire Navigation pleaded guilty to violating the International Emergency Economic Powers Act by carrying nearly 1 million barrels of Iranian oil from the sanctioned Islamic Revolutionary Guard Corps to another country.
-
News BriefConstruction Specialties to pay $660K in Iran sanctions case
Construction Specialties agreed to pay more than $660,000 in a settlement with the Office of Foreign Assets Control regarding three apparent sanctions violations in Iran carried out by “rogue employees” of its Middle Eastern affiliate.
More from Sanctions
-
ArticleU.K. and EU commit to extending Russian sanctions and strengthening enforcement
As the U.S. relaxes some Russian sanctions to ease oil flows, the U.K. government has published a new Strategic Approach to Sanctions Enforcement, indicating that it does not intend to relax its focus on prosecuting sanctions breaches.
-
News BriefOFAC temporarily lifts sanctions on certain Russian oil shipments
The U.S. Treasury Department issued a new Russia-related general license allowing certain transactions tied to Russian oil shipments already en route to India. This move comes after oil prices spiked as the U.S war on Iran continues.
-
ArticleSanctions enforcement set to increase, but gaps and inconsistency create compliance risks
Geopolitical volatility is causing rapidly changing sanctions regimes, but diverging rules in different jurisdictions create enforcement gaps that are exploited by sanctioned individuals and entities – and the routes used to evade sanctions are constantly developing.