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| Arab Bank Settles
Charges of Antiboycott Violations |
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| October 4, 2004 |
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US Department of Commerce
For Immediate
Release: Sep 30, 2004
Contact - BIS Public Affairs 202-482-2721
Arab Bank Settles Charges of Antiboycott Violations
Arab
Bank Settles Charges of Antiboycott Violations The U.S. Department of Commerce
today announced that Arab Bank Plc. (Arab Bank), of New York, has agreed to pay
a $9,000 civil penalty to settle charges that it violated the antiboycott
provisions of the Export Administration Regulations (EAR).
The Commerce
Department’s Bureau of Industry and Security (BIS) charged that Arab Bank,
in connection with a transaction involving the sale of goods to Oman, furnished
prohibited information about another company’s business relationships in
violation of the EAR. BIS also charged that Arab Bank failed to maintain
records relating to a reportable boycott request.
The antiboycott
provisions of the EAR prohibit U.S. persons from complying with certain
requirements of unsanctioned foreign boycotts, including providing information
about business relationships with another person who is known or believed to be
restricted from having a business relationship with or in a boycotting country.
In addition, the EAR requires that persons report their receipt of certain
boycott requests to the Department of Commerce.
Assistant Secretary for
Export Enforcement Julie L. Myers commended Compliance Officer Cathleen Ryan of
BIS’s Office of Antiboycott Compliance, for her work on this case. |
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