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Italian company agrees to pay $538,000 for violations of U.S. OFAC sanctions on North Korea

Apparent violations were not voluntarily self-disclosed and non-egregious

June 26, 2024

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced that an animation company headquartered in Rome, Italy, has agreed to pay $538,000 to settle its potential civil liability for apparent violations of the North Korea Sanctions Regulations.

According to the OFAC enforcement release (June 26, 2024), between May 2019 and November 2021, the Italian company remitted just under $538,000 to a government of North Korea-owned studio in payment for outsourced animation work. In doing so, U.S. financial institutions processed wire transfers that contained the blocked property interests of the government of North Korea and to export financial services to North Korea.

The settlement amount reflects OFAC’s determination that the apparent violations were not voluntarily self-disclosed and non-egregious.

For more information, contact a professional with KPMG’s Trade & Customs services:

Doug Zuvich
Partner and Global Practice Leader
E: dzuvich@kpmg.com
John L. McLoughlin
Principal and East Coast Leader
E: jlmcloughlin@kpmg.com
Andy Siciliano
Partner and National Practice Leader
E: asiciliano@kpmg.com
Steve Brotherton
Principal and Global Export and Sanctions Leader
E: sbrotherton@kpmg.com
Luis (Lou) Abad
Principal, Washington National Tax
E: labad@kpmg.com
Irina Vaysfeld
Principal
E: ivaysfeld@kpmg.com
Amie Ahanchian
Principal
E: aahanchian@kpmg.com
Christopher Young
Principal
E: christopheryoung@kpmg.com
Gisele Belotto
Principal
E: gbelotto@kpmg.com
George Zaharatos
Principal
E: gzaharatos@kpmg.com
Andy Doornaert
Managing Director
E: adoornaert@kpmg.com
Jessica Libby
Principal
E: jlibby@kpmg.com
Jenna Leigh Glass
Managing Director
E: jennaleighglass@kpmg.com
 

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