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Settlement Agreement between the U.S. Department of Treasury’s Office of Foreign Assets Control and World Class Technology Corporation

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced a $43,200 settlement with World Class Technology Corporation (“WCT”).  WCT agreed to settle potential civil liability for alleged violations of the Iranian Transactions and Sanctions Regulations (ITSR), 31 C.F.R. part 560.  The alleged violations involve WCT’s exportation of seven shipments of orthodontic devices, collectively valued at $59,886, from the United States to Germany, United Arab Emirates, and/or Lebanon, with knowledge or reason to know that the shipments were intended specifically for supply, transshipment, or reexportation to Iran, in apparent violation of §§ 560.204 and 560.206 of the ITSR between April 2008 and July 2010.

For more information on this action, please visit the following web notice.
Last Updated: 9/7/2016 11:26 AM