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.