North Korea Fines US British American Tobacco

UK-based British American Tobacco (BAT) will pay a $635,241,338 fine after a subsidiary admitted selling tobacco products to North Korea in violation of US sanctions.

BAT reached an agreement with the US Department of Justice and the Treasury Department’s Office of Foreign Assets Control (OFAC) to resolve investigations into its past business activities with North Korea between 2007 and 2017, the BAT said. company.

The statement noted that BAT would pay a total of $635,241,338 and interest to the US authorities on the grounds that it violated North Korean sanctions.

COMMERCIAL ACTIVITIES STOPPED IN 2017

In the company statement, it was noted that BAT had ceased all business activities with North Korea as of September 2017.

In the statement issued by the US Department of Justice, it was indicated that BAT and its subsidiary called BAT Marketing Singapore agreed to pay fines for sanctions violations and bank fraud.

In the US Treasury Department statement, it was noted that BAT’s Singapore subsidiary exported tobacco to the North Korean Embassy in Singapore until 2017 and used US banks for payments.

The United States imposes sanctions on North Korea for its nuclear and ballistic missile activities. (AA)