Vietnamese business pays $860K for violating U.S. sanctions on North Korea
By 
Adrianne Appel2024-10-18T18:10:00
A Vietnamese alcohol company has agreed to pay $860,000 to settle allegations by the Office of Foreign Assets Control (OFAC) that its business with North Korea involved U.S. financial institutions.
North Korea Sanctions Regulations (NKSR) bar U.S. financial institutions from assisting in the export of alcohol, and other items, to the Democratic People’s Republic of Korea (North Korea). The aim is to pressure the repressive regime to halt its nuclear missile program.
Between April 2016 and October 2018, subsidiaries of Vietnam Beverage Company Limited (VBCL) had U.S. financial institutions process $1.1 million in payments for sales of beer and spirits to North Korea.
Related articles
-
News BriefDOJ indicts five in remote IT work scheme to circumvent North Korean sanctions
Five people, including two Americans, allegedly duped U.S. companies into hiring North Koreans for contract IT work, and funneled millions in U.S. dollars to the sanctioned regime, the Department of Justice said.
-
News BriefFinCEN, OFAC sanction crypto platforms linked to Russia, cybercrime
U.S. and European law enforcement agencies have announced sanctions against two Russia-linked cryptocurrency platforms in their ongoing chase to snuff out Russian-linked financial platforms that assist cybercriminals.
-
News BriefOFAC sanctions entities providing electronic components for Iranian weapons
Five individuals and seven entities in Iran, China, and Hong Kong have been targeted for U.S. sanctions by the Treasury Department’s Office of Foreign Assets Control for helping to obtain components used in Iran’s missles and drones.
More from Regulatory Enforcement
-
News BriefDOJ sues Uber over alleged discrimination against disabled riders
The DOJ sued Uber Thursday, alleging it violated the Americans with Disabilities Act (ADA) by denying people with disabilities equal access to its services.
-
ArticleEU targets crypto, fintech firms in push to tackle money laundering
Europe’s banking regulator warns that weak compliance at fintech, regtech, and crypto firms may let money laundering and terrorist financing risks slip through. The EBA also found EU regulators’ approaches are often inconsistent and unclear.
-
ArticleCalifornia, Colorado, and Connecticut launch joint crackdown on privacy violators
California, Colorado, and Connecticut launched a joint enforcement sweep against businesses that fail to honor consumers’ online opt-out requests, the states announced Tuesday.