OFAC issues a Violation Finding to US company for breaching Iran sanctions

OFAC3OFAC has issued a Finding of Violation to Dominica Maritime Registry Inc. (DMRI), headquartered in Massachusetts, for a violation of the Iranian Transactions and Sanctions Regulations.

In particular, OFAC determined that on 4 July 2015, DMRI had violated the Regulations by having “[dealt] in the property or interests in property of the National Iranian Tanker Company (NITC), an entity identified by OFAC as meeting the definition of the Government of Iran and whose property and interests in property [were] blocked”. Specifically, DMRI had executed a binding Memorandum of Understanding with NITC, which OFAC determined to have been a contingent contract and, therefore, property in which NITC, a blocked person, had had an interest.

This entry was posted in Iran, USA by Maya Lester QC. Bookmark the permalink.

About Maya Lester QC

Maya Lester QC has a wide ranging practice in public law, European law, competition law, international law, human rights & civil liberties. She has a particular expertise in sanctions. As the most recent (2016) Chambers & Partners directory put it, she "owns the world of sanctions". She spent 2011-12 in New York at Columbia Law School lecturing and writing on sanctions. She represents and advises hundreds of companies and individuals before the European and English courts and has acted in most of the leading cases, including Kadi, Tay Za, Central Bank of Iran, NITC and IRISL.

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