International Trade Law News /title <!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd"> <html xmlns="http://www.w3.org/1999/xhtml" xml:lang="en" lang="en"> <meta name="verify-v1" content="6kFGcaEvnPNJ6heBYemQKQasNtyHRZrl1qGh38P0b6M=" /> <head> <title>International Trade Law News

« Home | Michael Chertoff Sworn in as Secretary of Homeland... » | ITC Announces Procedures for Submitting Comments o... » | ITC Issues Affirmative Preliminary Injury Determin... » | Use of ATA Carnets by U.S. Exporters Reaches Recor... » | BIS Settles Enforcement Action for Export to Party... » | Bush Administration Submits 2005 Trade Policy Agen... » | Titan Pleads Guilty to FCPA Violations and Will Pa... » | Census, BIS and DTSA Officials to Speak at Next NC... » | Steel Buying Firms Seek End to Import Duties » | This Week at the U.S. International Trade Commissi... » 

March 04, 2005 

OFAC Issues Monthly Penalty Report

The Treasury Department's Office of Foreign Assets Control (OFAC) today issued its monthly penalty report of civil penalties imposed on companies and individuals for allegedly violating the sanctions regimes administered by OFAC. OFAC's report indicates that the agency settled only 4 cases involving corporations. However, during the reporting period, it entered into informal settlement agreements with 113 individuals for engaging in Cuba travel-related transactions. The number of Cuba travel cases settled during this reporting period is double the number settled in the previous month and is the one of the highest number of settlements reported in one month since OFAC began publishing the monthly reports in 2003.

OFAC's monthly report indicates that it settled 4 cases involving companies. Only one of the cases resulted from a voluntary disclosure. The following is a summary of the settlements (amount of the civil penalty is in parentheses):
--Bank of New York, 2003 funds transfer involving Kingpin ($4,650.00)
--Det Norske Veritas Certification Inc., voluntary disclosure of 2002-2003 exportation of services to Iran ($750.00)
--Kuenhe & Nagel, Inc., 2000 facilitation of trade with Yugoslavia ($18,957.05)
--Lufthansa Cargo AG, 1999-2000 transportation of goods to Yugoslavia ($31,787.14)

OFAC settled 112 cases with individuals for engaging in travel-related transactions with Cuba for a total of $112,000 (average settlement of $1,000)(OFAC does not publish names or amounts of individual settlements).
In addition, OFAC settled 1 case with an individual alleged to have traveled to and imported goods from Cuba for $1937.50.


Editor

Subscribe

Subscribe to our confidential mailing list

Mobile Version

Search Trade Law News

International Trade and Compliance Jobs

Jobs from Indeed

Archives

Categories

Disclaimer

  • This Site is presented for general informational purposes only and does not constitute legal advice. No attorney-client relationship is formed when you use this Site. Do not consider the Site to be a substitute for obtaining legal advice from a qualified attorney. The information on this Site may be changed without notice and is not guaranteed to be complete, correct or up-to-date. While we try to revise this Site on a regular basis, it may not reflect the most current legal developments. The opinions expressed on this Site are the opinions of the individual author.
  • The content on this Site may be reproduced and/or distributed in whole or in part, provided that its source is indicated as "International Trade Law News, www.tradelawnews.com".
  • ©2003-2015. All rights reserved.

Translate This Site


Powered by Blogger