Civil Enforcement Information - Bank of Guam

Date issued: Jan. 22 2013

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TURBOFAC Commentary (320 words)

Notes:

1) This case demonstrates the breadth of 560.206 as a "catch-all" capable of encompassing transactions that arguably do not fall within the scope of any of the ITSR's other broad prohibitions. (Compare General Re (2011)). It is not necessarily the case that the only viable theory of liability here was 560.206, but given the scarcity of cases where only this provision is cited, it seems possible that this is the case.

The facts here are somewhat sketchy. We do not know, for example, whether the payment was being made on behalf of a person ordinarily resident in Iran, if an Iranian shipping company is involved, or if the goods are of Iranian origin. If so, the theory of liability is relatively straightforward (either 560.204 of 560.206).
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