India-registered tobacco company agrees to settle violations of North Korea sanctions regulations
Potential civil liability for five apparent violations of the North Korea sanctions regulations
India-registered tobacco company agrees to settle
The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) today announced that an India-registered tobacco company has agreed to pay $332,500 to settle its potential civil liability for five apparent violations of the North Korea sanctions regulations.
According to today’s OFAC release, between July and August 2017, the Indian company requested payment in U.S. dollars for its indirect exportation of tobacco to North Korea. One of the five payments was directed to the foreign branch of a U.S. financial institution.
OFAC determined that the Indian company did not voluntarily self-disclose the apparent violations, and that the apparent violations constitute a non-egregious case.
Read the enforcement release [PDF 175 KB]
For more information, contact a professional with KPMG Trade & Customs services:
Doug Zuvich |
John L. McLoughlin |
Andy Siciliano |
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Luis (Lou) Abad |
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Jessica Libby Principal E: jlibby@kpmg.com |
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