Yokozuna Pearls & Gems, Inc. OFAC Civil Penalty: $25K

In March 2006, Yokozuna initiated a $220,465 funds transfer to Myanmar Foreign Trade Bank, an entity blocked pursuant to the Burmese Sanctions Regulations, in furtherance of a contract to purchase and import pearls from Myanmar Pearl Enterprise, Yangoon, Burma. The exportation of financial services (defined to include direct and indirect transfers of funds from the United States or by a U.S. person, wherever located, to Burma) is prohibited by the Regulations. The funds transfer was blocked by a U.S. financial institution and the contract was not completed.

Yokozuna did not voluntarily disclose this matter to OFAC. The base penalty for the violation was $250,000. The final assessed penalty of $25,000 reflects OFAC's consideration of General Factors, including that this was Yokozuna's first OFAC violation; that Yokozuna received inaccurate legal guidance before engaging in the prohibited transaction; that Yokozuna cooperated with OFAC and terminated its business transactions with Burma; and the documented financial condition of Yokozuna's owner.

This page summarizes an OFAC enforcement case based on the document archived below. SanctionsLookup assumes no liability for errors, omissions, or inaccuracies in the original documents, this summary, or any changes made to the source documents at any time.

Provided for informational purposes only and does not constitute legal or compliance advice. Always consult the source document directly rather than relying on this summary.