OFAC penalty enforcement actions

OFAC penalty enforcement actions

The Treasury Department’s Office of Foreign Assets Control (OFAC) this week issued reports of two penalty enforcement actions.


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The enforcement information posted on the OFAC website reveals the following:

  • August 6 – An insurance company headquartered in New York agreed to pay over $270,000 to settle civil liability when it and its UK branch provided marine insurance coverage on North Korea-flagged vessels.
  • August 5 – A company agreed to pay over $78,000 to settle liability for violations related to its shipments of duct fabrication machines to a “specially designated national” in China.
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
Or your local KPMG Trade & Customs professional.

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