January 27, 2020

Eagle Shipping reaches $1.125 million settlement with OFAC

On January 23, 2020 Eagle Shipping International (USA) LLC, a Marshall Islands company with headquarters in Stamford, Connecticut, reached a settlement with the US Treasury Department’s Office of Foreign Assets Control to pay $1.125 million for apparent violations that occurred between 2011 and 2014.  According to OFAC, Eagle cooperated fully with the agency’s investigation, and voluntarily disclosed the wrongful conduct after compliance issues were discovered by the company’s new senior management team.  OFAC’s investigation concluded that Eagle Shipping apparently violated Burmese Sanctions Regulations, 31 CFR part 537.201, by dealing in the property or interests in property of Myawaddy Trading Limited, an entity that was listed on OFAC’s List of Specially Designated Nationals and Blocked Persons.  OFAC concluded that Eagle Shipping participated in thirty-six apparent violations in transactions valued at $1,796,400. 

OFAC press releaseEnforcement information