U.S. investment company settles sanction violations | KPMG | US

U.S. investment company settles Sudanese sanction violations

U.S. investment company settles sanction violations

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) today announced that a Connecticut-headquartered investment company, agreed to pay approximately $372,000 to settle its potential civil liability for three “apparent violations” of the Sudanese sanctions.

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According to the OFAC release, the U.S. investment company facilitated the sale and shipment of 543.952 metric tons of Canadian-origin paper from Canada to Sudan with a value of approximately $355,000. These export transactions occurred in April and December 2013. The OFAC determined that the company did not voluntarily self-disclose the “apparent violations,” and that the apparent violations constitute a non-egregious case.

 

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

Douglas Zuvich | +1 (312) 665-1022 | dzuvich@kpmg.com

Andrew Siciliano | +1 (631) 425-6057 | asiciliano@kpmg.com

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