3M agrees to pay almost $10 million to settle apparent Iran sanctions violations

3M has agreed to pay almost $10 million to settle apparent violations of Iranian sanctions, the US Office of Foreign Assets Control said last week.

The agency said 3M had 54 apparent violations of OFAC sanctions on Iran. It said between 2016 and 2018, a 3M subsidiary in Switzerland allegedly knowingly sold reflective license plate sheeting through a German reseller to Bonyad Taavon Naja, an entity which is under Iranian law enforcement control.

It’s the latest of a stream of high-publicity and high-dollar settlements that 3M — which makes Post-It notes, Scotch Tape, N95 masks and other industrial products — has made this year.
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