As posted by the Office of Antiboycott Compliance
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.
