Tobacco giant to pay historic DOJ settlement for North Korea business

The U.S. Department of Justice announced that British American Tobacco and BAT Marketing Singapore — a subsidiary of the tobacco giant — would pay a historic penalty related to violations of U.S. sanctions on North Korea.

"The agreement and the plea resolve charges for bank fraud and for violations of U.S. sanctions against North Korea. Under this agreement, British American Tobacco will pay more than $629 million in penalties. This is the single largest North Korean sanctions penalty in the history of the Department of Justice," said Matthew Olsen, a DOJ assistant attorney general.

Matthew M. Graves, a U.S. attorney, said,"The charges unsealed today illustrate that the Department of Justice will hold North Korean facilitators accountable for their illegal efforts to prop up the North Korean regime, and assist it in obtaining funds to develop nuclear weapons."

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

British American Tobacco Hid North Korea Business for Years: FedsU.S. prosecutors have charged the company with helping Pyongyang skirt restrictions meant to freeze it out of the global banking system.
Source: thedailybeast - 🏆 307. / 63 Read more »

Tobacco company pleads guilty to violating U.S. sanctions on North KoreaBritish American Tobacco, a London-based company with a subsidiary based in Singapore, must pay $630 million in fines to the U.S. government after pleading guilty to violating sanctions on North Korea
Source: washingtonpost - 🏆 95. / 72 Read more »

Tobacco Company BAT Pleads Guilty to Violating U.S. Sanctions on North KoreaA U.K. tobacco company agreed to pay more than $635 million to resolve charges that it conspired to violate U.S. sanctions by selling cigarettes to North Korea
Source: WSJ - 🏆 98. / 63 Read more »

Tobacco companies pay over $600 million to settle alleged sanctions violations with North Korea | CNN BusinessTwo tobacco companies have agreed to pay over $600 million to US authorities over allegations that the companies were selling tobacco products to North Korea in violation of US sanctions.
Source: cnni - 🏆 326. / 59 Read more »