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Note: The U.S. Office of Antiboycott Compliance, Bureau of Industry and Security, U.S. Department of Commerce (the Bureau) had evidence that the New York branch of Mashreqbank PSC (Bank) violated antiboycott provisions of the U.S. Export Administration Regulations (Regulations). According to information available on the Bureau's website, "[t]he alleged violations occurred in letter of credit transactions involving the sale and/or transfer of goods or services (including information) from the United States to Dubai." The Bureau charged that Bank furnished persons in Dubai with four Certificates of Origin certifying that goods were not of Israeli origin in connection with letters of credit, "with intent to comply with, further or support an unsanctioned foreign boycott" an activity that is prohibited by Regulations.

Bank settled with the Bureau without admitting or denying that it had violated Regulations, and agreed to pay a civil penalty of US$12,800. Bank cooperated fully with Bureau's investigation.

[JEB/pbl]

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