A U.S. penalty against an unnamed individual for violating sanctions against Iran underscores the challenges that arise when Iranian Americans try to send funds to the Islamic Republic. The Treasury Department's Office of Foreign Assets Control, also known as OFAC, disclosed a $1.1 million penalty against "U.S. Person-1" on Nov. 19, after he or she used hawala, an informal value transfer system, or IVTS, to move $560,000 from the U.S. to Iran in 75 total transactions to buy, remodel and upkeep a 19-room hotel near the Caspian Sea from 2019 to 2022. Transactions through hawala avoid regulated financial institutions, which...
The U.S. Treasury Department's Office of Foreign Assets Control announced a $1,104,408 civil penalty against a U.S. citizen for 75 violations of Iranian Transactions and Sanctions Regulations between 2019 and 2022.
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