According to recent reports, the United States Department of the Treasury issued sanctions against three individuals and four entities that they believe are responsible for illegally exporting both goods and technology to Iran.
Reports reveal that these individuals and entities developed the procurement network that collected goods, technology, classified information, and security items from over 24 different U.S. companies. Once in hand, the group would transfer the items to various Iranians. One of the group’s clients was allegedly the Central Bank of Iran (CBI), which has been implicated by the U.S. government due to their support of Hizballah and the Islamic Revolutionary Guard Corps-Qods Force.
The U.S. Treasury explained how these two groups have been heavily involved in the destabilization of the Middle East. Unfortunately, equipped with the technology, data, and goods from the illegal network, these groups could do even more harm to Middle Eastern citizens, U.S. military members, and even the U.S.
Once investigators confirmed the illegal network, the U.S. Treasury utilized Executive Order 13224, which allows the implementation of sanctions against individuals or groups that are providing financial, material, or technological support for goods or services to terrorist organizations. The original intent of this order was to help the U.S. disrupt the financial support network that terrorists utilize. The order allows the government to block assets and financial support for those who are associating with and aiding terrorist groups.
Since the CBI has been implicated in helping Hizballah and IRGC-QF, the executive order applies to them, and the sanctions are considered legal.
After implementing the sanctions, all property and interests of the entities and individuals that are currently in the U.S. or in possession of the U.S. will be blocked. They should immediately be reported to the OFAC, the Office of Foreign Assets Control.
What’s more, anyone who’s found to be conducting business with the sanctioned individuals or entities will face repercussions. You could be subject to either an enforcement action or sanctions.
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According to the OFAC, the sanctions they impose on others are not meant to punish or penalize them. Instead, these deterrents are put in place with the intent to promote a positive change in behavior.
The Treasury Department doesn’t shy away from initiating these sanctions, either. The first time the U.S. issued sanctions was back before the War of 1812 against Great Britain for their harassment towards Americans. The Confederacy was also heavily sanctioned during the Civil War.
If you get hit with sanctions or you get accused by the OFAC of supporting a sanctioned individual, then it’s crucial to secure quality global legal representation as soon as possible. An OFAC screening can be ordered anytime the U.S. government has reason to believe that you or your business is working with individuals or entities that are working against the American state interests. The right lawyer can help ensure that your rights are protected throughout the investigation.
Schedule a meeting with our lawyers here at Bukh Global to get started on your case.