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A multinational organization based in Bangkok, Thailand, has agreed to pay $20,000,000 to settle potential civil liability for 467 apparent violations of OFAC sanctions on Iran. Between 2017 and 2018, the company facilitated $291 million in wire transfers through U.S. financial institutions for the sale of Iranian-origin high-density polyethylene resin (HDPE), manufactured by a joint venture involving the parent company in Iran. HDPE is a robust resin used in various plastic products such as food and beverage containers, shampoo bottles, and industrial items. Concurrently, the company initiated U.S. dollar wire transfer transactions to settle the joint venture’s debts to third-party vendors.
This November, we are honored to feature Tracey Suggs, Import Specialist at JAS Forwarding USA Inc., for his tireless advocacy for individuals with Down Syndrome. While October marks Down Syndrome Awareness Month, Tracey and his family advocate every day for the empowerment and inclusion of individuals who face intellectual and developmental challenges. Inspired by his daughter, Treana, who has Down Syndrome, Tracey is driven to ensure that every individual can live their fullest life. Treana's zest for life and inspiring spirit is a testament to the impact of love, perseverance, and understanding that Tracey strives to bring to his work and community. Tracey’s unwavering commitment to making a difference embodies our values at JAS, reminding us all of the importance of inclusivity and advocacy in both our professional and personal lives.
Tracey has been with JAS for 3 years and has been in the industry for over 20 years. Tracey has a passion for sports, fitness, art, community advocacy (special needs/disadvantaged youth), and spending time with family.
JAS Forwarding VP Compliance, Laurie Arnold joined forces with JAS Forwarding Global Development Director Jennifer Koon, and Regional Sales Director Lindsay Gambee to attend the International Compliance Professionals Association (ICPA) Fall Conference (Western Cowboy Theme) in Grapevine, Texas from October 20-23.
They were able to meet with numerous members of the trade community and discuss current events and network.
On November 1, 2024, BIS imposed a civil penalty of $500,000 against a semiconductor wafer manufacturing company. The U.S. subsidiary shipped approximately $17.1 million of semiconductor wafers company listed on the BIS Entity List, without the required licese/authorization.
The company voluntarily disclosed the conduct and cooperated which resulted in significant reduction in the penalty.
To read more, check out the final order below.
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