The U.S. Treasury Department Tuesday disclosed an $111,359 fine against the New York branch of Soci?©t?© G?©n?©rale for violating American sanctions against Iran in late 2006 and early 2007. The violations were related to the Paris-based bank's issuance of two letters of credit between unnamed entities that facilitated the shipment of cargo valued at nearly $330,000 by the Islamic Republic of Shipping Lines (IRISL), according to the department's Office of Foreign Assets Control (OFAC). The department blacklisted the Iranian shipping company in September 2008 over its alleged role in helping Iran's Ministry of Defense and Armed Forces Logistics develop weapons...
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