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

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) today announced an $860,000 settlement with Vietnam Beverage Company Limited (VBCL). VBCL, a Vietnam-based alcoholic beverage company, has agreed to settle its subsidiaries' potential civil liability for 43 apparent violations of the North Korea Sanctions Regulations. Between April 2016 and October 2018, VBCL's subsidiaries caused U.S. financial institutions to process approximately $1,141,547 in payments for the sale of alcoholic beverages to North Korea. This settlement amount reflects OFAC's determination that conduct at issue was not voluntarily disclosed and constituted a non-egregious case.

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