Stanley Black & Decker OFAC Settlement: Iran Exports

March 28, 2019:  Yesterday, the Treasury Department issued a notice of settlement with Stanley Black & Decker, Inc. and its Chinese subsidiary for alleged violations of Iran sanctions.  The $1,869,144 settlement is related to allegations that in 2013 and 2014 the Chinese sub “exported and attempted to export 23 shipments of power tools and spare parts, with a total value of $3,201,647.73, to Iran or to a third country with knowledge that such goods were intended specifically for supply, transshipment, or reexportation, directly or indirectly, to Iran” – an activity prohibited under the Iran sanctions.  Stanley Black & Decker voluntarily self-disclosed the apparent violations on behalf of its Chinese subsidiary.  OFAC determined the apparent violations constitute an egregious case.

This is a summary.  See related web notice and the settlement agreement.

 

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