On 25 April, OFAC announced a $508 million settlement agreement with London-headquartered British American Tobacco PLC to resolve its apparent violations of US sanctions on the Democratic People’s Republic of Korea and proliferators of weapons of mass destruction. This settlement is OFAC’s largest-ever with a non-financial institution and reflects the statutory maximum penalty. OFAC says that BAT and its subsidiaries formed a scheme in 2007 to sell its stake in a joint venture formed in 2001 by British-American Tobacco Marketing (Singapore) PTE Ltd. (BATM) and a North Korean Company to a Singaporean, but still retain effective ownership and control over the joint venture.
At the same time, the DoJ also announced BAT’s execution of a deferred prosecution agreement, and BATM’s execution of a plea agreement concerning their conduct in the alleged conspiracy from 2009 to 2016.
https://home.treasury.gov/news/press-releases/jy1441
https://ofac.treasury.gov/media/931661/download?inline
https://www.buymeacoffee.com/KoIvM842y
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