OFAC Settles Case Over Cuban Nickel Purchases
The Treasury Department settled a case with ESCO Corporation over violations of the Cuban Assets Control Regulations involving the purchase of Cuban-origin nickel between 2007 and 2010, Treasury’s Office of Foreign Assets Control announced on Nov. 13 (here). An ESCO…
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subsidiary allegedly purchased the nickel in “large-volume and high-value transactions,” and ESCO agreed to pay $2,057,540, said OFAC. ESCO has now strengthened its OFAC compliance program, OFAC said.