Hydraulic tools and energy sector services company reports voluntary disclosure to OFAC
In October 2018, Actuant Corporation disclosed potential sanctions violations to the US Treasury Department’s Office of Foreign Assets Control (OFAC). The company reported that certain limited transactions totaling approximately $0.5 million may have fallen outside of the scope of transactions authorized under General License H of the Iranian Transaction and Sanctions Regulations, 31 C.F.R. Part 560. US authorities are reviewing the company’s disclosure. Actuant has also made self-disclosures to US and Dutch authorities of potential violations of US and European economic sanctions related to sales that may have been diverted to the Crimea.