Resolves alleged violations of U.S. sanctions against North Korea.
The Department of the Treasury reached a legal settlement with British American Tobacco (BAT) on Thursday, allowing the company to pay $508 million to resolve its alleged violations of U.S. sanctions against North Korea. The department’s Office of Foreign Assets Control investigated BAT, one of the world’s largest tobacco companies, and found that for seven years they illegally exported tobacco to North Korea, ran a cigarette company in the country, and covered up the source of their profits through a variety of intermediary institutions, including North Korean banks.
“For years, BAT partnered with North Korea to establish and operate a cigarette manufacturing business and relied on financial facilitators linked to North Korea’s weapons of mass destruction proliferation network in the process of enriching itself,” said Under Secretary for Terrorism and Financial Intelligence Brian Nelson. “Companies that seek to profit from circumventing sanctions by obscuring their involvement will be discovered and will pay a price.”
As the Lord Leads, Pray with Us…
- For Secretary Yellen to seek God’s guidance as she leads the Treasury Department.
- For Under Secretary Nelson as he heads the Office of Terrorism and Financial Intelligence.
Sources: Department of the Treasurt
