Recent OFAC Settlement Highlights Due Diligence Expectations When Selling to Intermediaries
By EsqSocial Corporation 22/03/21
Last week, the Office of Foreign Assets Control (OFAC) announced a settlement agreement with UniControl, Inc. (UniControl or “the company”) for shipping goods to European trading partners when UniControl knew or should have known that some of its products would ultimately be re-exported to Iran. The enforcement action is a reminder that OFAC expects U.S. companies to perform appropriate due diligence when exporting products to intermediary parties like resellers and distributors....
By: Kelley Drye & Warren LLP