In separate actions last week, OFAC listed people and entities supporting the manufacture of Iranian drones and evading US sanctions on Iran.
OFAC designated a China-based network of 5 entities and 1 person said to be responsible for the sale and shipment of thousands of aerospace components, including components that can be used in Shahed-series UAVs, to the US-sanctioned Iran Aircraft Manufacturing Industrial Company (HESA). Hangzhou Fuyang Koto Machinery Co., Ltd, Raven International Trade Limited, Guilin Alpha Rubber & Plastics Technology Co., Ltd, S&C Trade PTY Co., Ltd, Shenzhen Caspro Technology Co., Ltd and Yun Xia Yuan have been designated pursuant to Executive Order (E.O.) 13382 (WMD sanctions). Press Release, Press Release & Notice.
Concurrently, OFAC listed 39 entities across numerous jurisdictions that are said to comprise a “shadow banking” network that provides sanctioned Iranian entities access to the international financial system and enables them to obfuscate their trade with foreign customers. These designations were made pursuant to E.O. 13846. Press Release, Press Release & Notice.
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Michael is Senior Partner at Peters & Peters Solicitors LLP. He has acted in many of the most high profile and sensitive business crime cases of the last 25 years, at Peters &...