Home > WORLD NEWS > Amazon Says Iranian Transactions May Have Violated US Sanctions

Amazon Says Iranian Transactions May Have Violated US Sanctions

(ZeroHedge) In a 10-K filed on Friday afternoon, Amazon disclosed that certain transactions and business ties with Iran may have violated U.S. sanctions, warning that it may be penalized after a regulatory review of the activities.

In the “Other Contingencies” section of its 10-K, Jeff Bezos’ company had determined that, between January 2012 and December 2016 it had “processed and delivered orders of consumer products for certain individuals and entities located outside Iran covered by the Iran Threat Reduction and Syria Human Rights Act or other United States sanctions and export control laws. The consumer products included books, music, other media, apparel, home and kitchen, health and beauty, jewelry, office, consumer electronics, software, lawn and patio, grocery, and automotive products.”

The world’s biggest online retailer also said that it has “voluntarily reported these orders to the United States Treasury Department’s Office of Foreign Assets Control and the United States Department of Commerce’s Bureau of Industry and Security.” and said it will cooperate with a review by the agencies, “which may result in the imposition of penalties.”

As Bloomberg, which first spotted the violation, explains, the violations are the result of then-President Barack Obama’s signature of the ITRA in 2012, meant to strengthen trade restrictions on Iran and try to persuade the country to stop its nuclear activities. This law imposes civil penalties and takes other action against foreign subsidiaries of U.S. companies engaging in transactions with Iran. In January 2016, the U.S. lifted many of the economic sanctions tied to the nuclear program….

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