The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced a $4,320,000 settlement with PanAmerican Seed Co. (“PanAm Seed”). PanAm Seed agreed to settle potential civil liability for alleged violations of the Iranian Transactions and Sanctions Regulations, 31 C.F.R. part 560. The alleged violations involve PanAm Seed’s exporting of seeds, primarily of flowers, to two Iranian distributors on 48 occasions, with knowledge or reason to know that the shipments were intended specifically for supply, transshipment, or reexportation to Iran from on or about May 5, 2009 to on or about March 2, 2012. OFAC determined that PanAm Seed did not voluntarily self-disclose the alleged violations to OFAC, and that the alleged violations constitute an egregious case.
For more information on this action, please visit the following web notice.