OFAC published 56 civil penalties and settlements in 2007, totaling $4.3 million, 89% less than the 2006 total of $40.7 million (35 actions). The largest 2007 OFAC penalty was $2 million against Chevron Corporation. Amounts are OFAC civil penalties only, excluding related DOJ, Federal Reserve, and state resolutions.
OFAC resolved 45 of its 56 enforcement actions in 2007 through settlements and issued 11 penalty notices. The median penalty was $2,997. Enforcement was concentrated in the first half of the year, with 30 actions in the first half and 26 in the second, including 19 in the second quarter.
Cuba-related sanctions were cited in 28 of the 56 actions, Iran in 18, Sudan in 6, and Iraq in 3. Trading accounted for 8 actions, and banking and healthcare for 5 each, software and travel for 3 each. 38 actions targeted companies and 18 targeted individuals.
By total penalties, 2007 ranks 2nd of the 5 years in this database, and 4th by number of actions.
SanctionsLookup