French container shipping giant CMA CGM paid $374,400 to the Office of Foreign Assets Control (OFAC) to settle allegation of, among others, violating U.S. Cuban Assets Control Regulations, the U.S. Treasury Department announced in its “recent OFAC actions” bulletin. CMA CGM (America) was also accused of violating Iranian Transactions Regulations, and Sudanese Sanctions Regulations, in the period between 2004 and 2008.">French container shipping giant CMA CGM paid $374,400 to the Office of Foreign Assets Control (OFAC) to settle allegation of, among others, violating U.S. Cuban Assets Control Regulations, the U.S. Treasury Department announced in its “recent OFAC actions” bulletin. CMA CGM (America) was also accused of violating Iranian Transactions Regulations, and Sudanese Sanctions Regulations, in the period between 2004 and 2008.">

Cuba Headlines

Cuba News, Breaking News, Articles and Daily Information

OFAC fines French shipping company

French container shipping giant CMA CGM paid $374,400 to the Office of Foreign Assets Control (OFAC) to settle allegation of, among others, violating U.S. Cuban Assets Control Regulations, the U.S. Treasury Department announced in its “recent OFAC actions” bulletin.

CMA CGM (America) was also accused of violating Iranian Transactions Regulations, and Sudanese Sanctions Regulations, in the period between 2004 and 2008.

The U.S. government claims the Norfolk-based subsidiary of CMA accepted payments on 28 occasions for shipping services the French parent company and other subsidiaries provided between third countries and Cuba, Iran and Sudan. The transactions were worth close to $400,000, OFAC said.

CMA, the world’s third-largest container shipper, did not self-disclose the transactions, but OFAC tagged them a “non-egregious case."

Source: http://www.cubastandard.com/2011/08/16/ofac-fines-french-shipping-company/

Related News

Comments