The U.S. Department of the Treasury's Office of Foreign Assets Control has imposed a $7,139,305 penalty on Gracetown Inc., a property management company in New York, for violating OFAC's Russia-related sanctions and for failing to report blocked assets to it.
This enforcement action, which resulted in a penalty near the statutory maximum, highlights the importance of following OFAC-issued guidance and the significant consequences that can occur from failing to do so.
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by Joji Xavier
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