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Eagle Bulk fined $1.1m over Burmese ties
A subsidiary of Connecticut-based Eagle Bulk has been fined $1.1m for violating the regulations of a now-defunct sanctions program on Myanmar, the US Treasury Department said Monday.
The offence took place over three years through to 2014 when Eagle Bulk worked with Burmese shipper, Myawaddy Trading.
“This case demonstrates the importance for companies operating in high-risk industries…to implement risk-based compliance measures, especially when engaging in transactions involving exposure to jurisdictions or persons implicated by US sanctions,” the US Treasury’s Office of Foreign Assets Control (OFAC) stated yesterday.
Sanctions against Myanmar were lifted four years ago.