Sunday, November 1, 2020

Trade Finance Insurer, Atradius Hit With U.S. Sanctions Penalty

-

A trade finance company has been fined for allegedly buying and collecting debt of a blacklisted entity, the Treasury Department said Friday.

A U.S. subsidiary of Dutch trade finance insurer Atradius NV agreed to pay more than $345,000 to settle allegations that it violated U.S. sanctions, according to a statement from the Treasury.

Atradius Trade Credit Insurance Inc., the Hunt Valley, Md.-based subsidiary, didn’t immediately respond to a request for comment.

The Treasury alleges that Atradius Trade Credit Insurance was assigned the right by a U.S. cosmetics company to collect more than $5.7 million of debt owed by Panama-based Grupo Wisa SA in October 2016.

Related: Standard Chartered to pay $1.1B for violating Iran sanctions
- Advertisement -

Grupo Wisa, a holding company involved in real estate, retail and hospitality, was blacklisted by the U.S. earlier that year, according to the Treasury, which didn’t name the cosmetics company. The U.S. says Grupo Wisa has had ties to Panama-based drug money laundering network Waked Money Laundering Organization, which was designated as a narcotics trafficker in 2016.

A representative for Grupo Wisa didn’t immediately provide a comment for this article.

Atradius Trade Credit Insurance allegedly filed a claim in Panama as a creditor in Grupo Wisa’s liquidation and received more than $4 million in payment from the liquidation of Grupo Wisa’s assets in Panama in June 2017, according to the Treasury Department.

Treasury’s Office of Foreign Assets Control, which administers and enforces U.S. sanctions, said Atradius Trade Credit Insurance didn’t voluntarily disclose the alleged violations, but the department credited the company for conducting an internal review and cooperating with the agency’s investigation.

- Advertisement -

MUST READ

Former Venezuelan national treasurer indicted in US for money laundering

Hugo Chávez’s former nurse has been charged with money laundering in a Miami federal court, accused of taking bribes from a billionaire media mogul...

Actress Lori Loughlin begins 2-month prison sentence for role in college admissions scam

Actress Lori Loughlin reported to a federal prison in Northern California on Friday to start a two-month sentence for her role in a massive...

FirstEnergy fires CEO, other executives over Ohio bribery scandal

FirstEnergy Corp. has fired its CEO amid multiple federal investigations related to an Ohio nuclear bailout law passed year. The Akron-based utility company announced in a...

Ukraine’s court strips critical power from anti-corruption agency

Ukraine's Constitutional Court has stripped the country’s anti-corruption agency of some of its critical powers. The high court’s ruling published on October 28 declared it...

Former South Korean President Lee Myung-bak sent back to prison for 17 years in corruption case

Former South Korean president Lee Myung-bak was ordered back to prison on Thursday (Oct 29) as the country's Supreme Court upheld a 17-year jail...

Subscribe For More

Get our daily notification on the latest financial crimes news around the World

Advertisement
Advertisement

Latest News

This Week

Ukraine’s court strips critical power from anti-corruption agency

Ukraine's Constitutional Court has stripped the country’s anti-corruption agency of some of its critical powers. The high court’s ruling published on October 28 declared it...

Swiss court upholds money-laundering conviction of ex-Ukrainian lawmaker Martynenko

A Swiss court has upheld the conviction of former Ukrainian lawmaker Mykola Martynenko for laundering via Swiss banks millions of dollars worth of kickbacks...

FirstEnergy fires CEO, other executives over Ohio bribery scandal

FirstEnergy Corp. has fired its CEO amid multiple federal investigations related to an Ohio nuclear bailout law passed year. The Akron-based utility company announced in a...

Former DEA spokesman sentenced to 7 years for posing as CIA agent to scam $4 million

A former spokesman for the Drug Enforcement Administration (DEA) was sentenced to 7 years in prison Wednesday for posing as a CIA agent on...
Advertisement

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    Ok No thanks