UAE Investment Co. Fined $1.5M Over Iran Money Transfers

Law360, Los Angeles (October 21, 2013, 8:06 PM EDT) -- The U.S. Department of the Treasury has fined a United Arab Emirates-based investment and advising company $1.5 million for violating sanctions against Iran by electronically transferring money through financial institutions located in the U.S., the agency announced Monday.

Treasury's Office of Foreign Assets Control said Alma Investment LLC broke a provision of the sanctions forbidding the exportation of services, directly or indirectly, from the U.S. to Iran or the Iranian government. The fine represented the base penalty for the offense, according to the agency.

The government...
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