SETTLEMENT AGREEMENT BETWEEN OFAC AND A UAE CIGARETTE FILTER AND TEAR TAPE MANUFACTURER OVER NORTH KOREA SANCTIONS VIOLATIONS

On 16 July, the US Treasury issued a news release advising that OFAC had reached an agreement with Essentra FZE Company Limited of UAE (and based in a free zone there) to settle its potential civil liability for 3 apparent violations of the North Korea Sanctions Regulations.  It is said to have used a network of front companies in China and other countries using deceptive practices, and received payment for the shipment of goods into its bank accounts at the foreign branch of a US bank between September 2018 and December 2018.

https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20200716_33.aspx

https://foreignaffairs.co.nz/2020/07/17/mil-osi-security-essentra-fze-admits-to-north-korean-sanctions-and-fraud-violations-agrees-to-pay-fine/

https://www.justice.gov/opa/pr/essentra-fze-admits-north-korean-sanctions-and-fraud-violations-agrees-pay-fine

 

 

 

 

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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