Egyptian Bank Fined for Israel Boycott

[Jerusalem Post] Michael Freund - The U.S. government has imposed a civil penalty on Egypt's largest state-owned bank for violating American legal strictures prohibiting compliance with the Arab boycott of Israel. In a formal order issued in January, U.S. Assistant Secretary of Commerce for Export Enforcement Darryl W. Jackson levied a fine of $22,500 on the National Bank of Egypt's New York branch. Last April, the Commerce Department's Bureau of Industry and Security accused the Egyptian bank of providing commercial invoices on four separate occasions in 2001 and 2002 to the Al Issar Trading Company, a Syrian firm, all of which included declarations that the goods had not been manufactured or produced in Israel. U.S. law bars firms from providing information to comply with boycott-related requests.

2007-03-09 01:00:00

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