Settlement Agreement between the U.S. Department of the Treasury’s Office of Foreign Assets Control and Essentra FZE Company Limited

By AML OFAC, AML

Settlement Agreement between the U.S. Department of the Treasury’s Office of Foreign Assets Control and Essentra FZE Company Limited

7/16/2020

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC)

announced a $665,112 settlement with Essentra FZE Company Limited (“Essentra FZE”).

Essentra FZE,

a cigarette filter and tear tape manufacturer located in the United Arab Emirates,

has agreed to settle its potential civil liability for three apparent violations of the North Korea Sanctions Regulations, 31 C.F.R. part 510.

Specifically, Essentra FZE

exported cigarette filters to the DPRK through a network of front companies in China and other countries using deceptive practices, and received payment for the shipment of these goods into its bank accounts at the foreign branch of a U.S. bank between September 2018 and December 2018.

OFAC determined that Essentra FZE

did not voluntarily self-disclose these apparent violations, and that these apparent violations constitute an egregious case.

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

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