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Technology Stocks : The *NEW* Frank Coluccio Technology Forum
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To: elmatador who wrote (46700)2/9/2019 8:56:54 AM
From: Peter Ecclesine  Read Replies (1) of 46821
 
Turkish Subsidiary Hid Iranian Activity from U.S. Parent, Treasury Says

Kollmorgen Corp. extensive compliance efforts weren’t enough to stop the Iran business, according to the Treasury
wsj.com

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One unique part of the penalty was the sanctions imposed by the government on an executive for allegedly carrying out Elsim’s conduct, marking the first time the department targeted an individual as a sanctions evader while resolving an enforcement case.

Turkish national Evren Kayakiran, who was the managing director of Elsim, was targeted under an executive order giving the Treasury the power to target foreigners who engage in economic activity that are intended to evade sanctions on Iran and Syria.

Sanctions evaders are placed a separate blacklist maintained by the Treasury, though it also involves penalties: Certain transactions involving Mr. Kayakiran are prohibited, and U.S. banks must reject payments in which he is involved.

Sigal Mandelker, undersecretary of Treasury for terrorism and financial intelligence, said the action concerning Mr. Kayakiran and Kollmorgen signals a change in how the U.S. will counter acts of sanctions evasion.

“This action is a clear warning that anyone in supervisory or managerial positions who directs staff to provide services, falsify records, commit fraud or obstruct an investigation into sanctions violations exposes themselves to serious personal risk,” she said.
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