Financial Crime World

OFAC Designates Entities for Sanctions Evasion Related to Iranian Petrochemical Sales

Introduction

The Office of Foreign Assets Control (OFAC) has taken significant action against several entities and companies based in various countries, accusing them of their alleged involvement in sanctions evasion related to Iranian petrochemical sales. This move is part of a broader effort to prevent sanctions evasion and enforce US sanctions policies.

Designated Entities

The designated entities include companies based in the following countries:

  • United Arab Emirates (UAE)
  • Hong Kong
  • Singapore
  • Marshall Islands
  • Pakistan
  • Turkey

These companies are accused of having assisted, sponsored, or provided financial, material, or technological support for PGPICC (Parsian Gilan Petrochemical Company International Corporation), a sanctioned Iranian company.

Specific Allegations

Some of the specific allegations against the designated entities include:

  • Using front companies to obscure their role in purchasing petrochemicals from PGPICC
  • Processing payments on behalf of sanctioned entities or individuals
  • Facilitating shipments of petrochemicals to countries subject to sanctions

Consequences of Designations

The designations are intended to prevent these entities from accessing the US financial system and to disrupt their ability to engage in sanctions evasion activities. As a result, all property and interests in property of these targets that are in the United States or in the possession or control of U.S. persons must be blocked and reported to OFAC.

Broader Effort

The designation of these entities is part of a broader effort to prevent sanctions evasion and enforce US sanctions policies. This action demonstrates the commitment of the US government to disrupting and dismantling networks involved in sanctions evasion activities.