Archive for the ‘UAE’ Category
Tuesday, January 3rd, 2012 by Holly Thorne
The Department of the Treasury published a current list of countries which require or may require participation in, or cooperation with, an international boycott (within the meaning of section 999(b)(3) of the Internal Revenue Code of 1986). The purpose of this list is to provide guidance regarding compliance with the antiboycott compliance aspects of the US tax code. While this advice is not technically specific to the antiboycott provisions in Part 760 of the Export Administration Regulations (EAR), it certainly is a reasonable basis for a company to use when it decides how to allocate its compliance resources for compliance with the EAR antiboycott rules.
Treasury identified the following countries that “require or may require participation in, or cooperation with, an international boycott (within the meaning of section 999(b)(3) of the Internal Revenue Code of 1986),” e.g., the Arab boycott of Israel:
- Kuwait
- Lebanon
- Libya
- Qatar
- Saudi Arabia
- Syria
- United Arab Emirates
- Yemen
Iraq is not included in this list, but its status with respect to future lists remains under review by the Department of the Treasury.
Posted in Kuwait, Lebanon, Libya, Qatar, Saudi Arabia, Syria, Treasury Dept, Treasury Dept, UAE | Comments Off
Wednesday, October 5th, 2011 by Holly Thorne
The Department of the Treasury has published a current list of countries which require or may require participation in, or cooperation with, an international boycott (within the meaning of section 999(b)(3) of the Internal Revenue Code of 1986).
The countries are:
- Kuwait
- Lebanon
- Libya
- Qatar
- Saudi Arabia
- Syria
- United Arab Emirates
- Yemen
Republic of Iraq is not included in this list, but its status with respect to future lists remains under review by the Department of the Treasury.
While this list officially applies to the Internal Revenue Service (IRS) antiboycott rules, it is a reasonable indicator of the high risk countries for the EAR antiboycott regulations.
Tags: Country list, international boycott
Posted in Antiboycott, Iraq, Kuwait, Lebanon, Libya, Qatar, Saudi Arabia, Syria, Treasury Dept, UAE, Yemen | Comments Off
Wednesday, July 13th, 2011 by Anna Barone
Continuing efforts to target the financial underpinnings of the Islamic Republic of Iran Shipping Lines (IRISL), the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced the designation of 10 shipping companies and three individuals affiliated with IRISL. Responding to Iran’s continued efforts to evade sanctions and its ongoing creation and use of new front companies, subsidiaries, and affiliates to protect IRISL and to advance its proliferation activities, today’s actions targeted IRISL’s operations in the United Arab Emirates (UAE), Singapore, China and the United Kingdom (UK).
(more…)
Posted in China, Iran, OFAC, Singapore, UAE, UK, Violations & Fines | 2 Comments »
Monday, June 27th, 2011 by Anna Barone
By: Anna Barone
In accordance with section 999(a)(3) of the Internal Revenue Code of 1986, the Department of the Treasury is publishing the following list of countries which require or may require participation in, or cooperation with, an international boycott:
Kuwait, Lebanon, Libya, Qatar, Saudi Arabia, Syria, United Arab Emirates, and Yemen (more…)
Posted in Israel, Kuwait, Lebanon, Libya, Qatar, Saudi Arabia, Syria, Treasury Dept, UAE, Yemen | Comments Off
Tuesday, September 7th, 2010 by John Black
You don’t have to have Batman’s “bat senses” to figure out that the pump and valve industry is doing their part to keep US Government export enforcement personnel busy. This time, the culprit is Tyco Valves & Controls (TVC) with 26 violations for illegal exports of ECCN 2B350 butterfly valves, ball valves, and valve assemblies to China, the UAE, Mexico, India, Israel, Brazil, Singapore, Chile, Jordan and El Salvador. The violations occurred between January 2005 and March 2007.
In this case, the US Government did not have to bring in Batman to find these illegal exports. TVC voluntarily disclosed its violations to the Department of Commerce and agreed to pay a $218,000 penalty to settle the charges.
Posted in BIS, CCL, China, Commerce Dept, Export License, India, Sanctions, Singapore, UAE, Violations & Fines | Comments Off
Wednesday, June 9th, 2010 by John Black
Me: “I will take ‘Sure Fire Paths to a Denial List’ for $300 Alex.”
Alex Trebic: “And the Jeopardy answer is “Something that can get you on the BIS Unverified List.”
Me: “What is saying in writing ‘Since they can’t sell directly to Iran, they are OK with selling it domestically and then we can transfer it from the US to Dubai and then to Iran’”?
[Chime indicates that is the correct answer.]
Me: “I will take ‘Sure Fire Paths to a Denial List’ for $400 Alex.”
Alex: The Jeopardy answer is “An unwise written description of a US company’s reluctance to violate the US embargo on Iran.”
Me: “What is having our company president say in writing he had a ‘long conversation’ with a US company and ‘I should emphasize that I found this lady a bit reluctant on the subject of export the unit to Iran but she sound OK to work with us, if we do not mention anything about Iran’”?
[Chime indicates that is the correct answer.] (more…)
Posted in BIS, Denied & Restricted Parties, Iran, UAE, Violations & Fines, Violations & Fines | Comments Off
Friday, October 30th, 2009 by John Black
The Department of Treasury released a list of countries that “may require participation in, or cooperation with, an international boycott (meaning of section 999(b)(3) of the Internal Revenue Code of 1986).” The following countries have been named on the list: (more…)
Posted in Antiboycott, Kuwait, Lebanon, Libya, Qatar, Saudi Arabia, Syria, Treasury Dept, UAE, Yemen | Comments Off
Friday, October 30th, 2009 by Danielle McClellan
M-I Production Chemicals of the UAE has been charged with 20 violations of the EAR and a $44,625 fine. The company didn’t export anything illegally, but did agree to prohibited antiboycott activities in conjunction with the sale of goods/services (the charging letter doesn’t state which) from the US to Syria.
Many of you may be asking why is a foreign company is charged with breaking US antiboycott laws, well M-I Production Chemicals (MIPC) is a “controlled-in-fact foreign affiliate” of M-I LLC of Delaware. This means that the US parent company operates and/or has control over the foreign subsidiary, an important reminder to foreign companies who are controlled by their US parent company.
(more…)
Posted in EAR, Export License, UAE, Violations & Fines | Comments Off
Wednesday, September 2nd, 2009 by Danielle McClellan
A suspected international arms dealer has been arrested on charges that he and an accomplice conspired to illegally export F-5 fighter jet engines and parts from the US to Iran. Jacques Monsieur, a Belgian national and resident of France has been a suspected arms dealer for decades and may have finally smuggled his last shipment. (more…)
Posted in BIS, DOJ, Iran, OFAC, Sanctions, UAE, Violations & Fines | Comments Off
Monday, August 31st, 2009 by Danielle McClellan
It’s always important for companies to stay up to date with the Export Administration Regulations; they change often which can lead to normally compliant companies to have violations. A great example of this is a recent BIS settlement; FMC Technologies, Inc. of Houston has agreed to pay a civil penalty of $610,000. The company voluntarily disclosed that it had 78 unlicensed exports of butterfly and check valves (ECCN 2B350). (more…)
Posted in BIS, China, Export License, India, UAE, Violations & Fines | Comments Off
