Rob Sequin | Havana Journal
Contained in a release of OFAC’s Civil Penalties today, Philips Electronics of North America has agreed to settle allegations of violations of the Cuban Assets Control Regulations occurring between June 2004 and March 2006 by paying a fine of $128,750.00.
OFAC alleged that an employee of Philips of North America traveled to Cuba without an OFAC license in the course of business of selling medical equipment to Cuba.
Philips voluntarily disclosed this matter to OFAC and it was resolved according to prior enforcement guidelines published by OFAC, 68 Fed. Reg. 4422.
There were no other violations of the Cuban Assets Control Regulations and there were no individual penalties. Individual penalties are usually assessed for the purchase of Cuban cigars over the Internet.