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Posted September 11, 2007 by publisher in OFAC

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DEPARTMENT OF THE TREASURY OFFICE OF FOREIGN ASSETS CONTROL
ENFORCEMENT INFORMATION FOR September 7, 2007

ENTITIES - 31 CFR 501.805 (d)(1)(i)

Lakes Community Credit Union Settles Cuban Assets Control Regulations Violation Allegation:

Lakes Community Credit Union, Lake Orion, MI 48362 (“LCCU”) has remitted $1,484.00 to settle allegations of violations of the Cuban Asset Control Regulations occurring on July 7, 2003. OFAC alleged that LCCU initiated a transaction incident to Cuba travel. LCCU did not voluntarily disclose this matter to OFAC.


GE Security Settles Cuban Embargo Program Allegations:

GE Security has remitted $1,900 to settle allegations of violations of the Cuban Assets Control Regulations by a wholly-owned foreign subsidiary of InVision Technologies, Inc., Newark, CA 94560 (“InVision”). The alleged violations occurred between July and August 2003, prior to the acquisition of InVision by GE Security. OFAC alleged that InVision’s foreign subsidiary acted without an OFAC license by exporting goods and services to Cuba. InVision voluntarily disclosed this matter to OFAC


INDIVIDUALS – 31 CFR 501.805 (d)(1)(ii)

One individual has agreed to a settlement totaling $770.25 for dealing in property in which Cuba or a Cuban national had an interest:

On December 24, 2004, the individual allegedly purchased Cuban-origin cigars offered for sale on the Internet. The individual did not voluntarily disclose this matter to OFAC.


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Legal Note:

Information concerning the civil penalty process is discussed in OFAC regulations governing the various sanctions programs or, in the case of sanctions regulations issued pursuant to the Trading with the Enemy Act, in 31 CFR part 501. Civil penalty procedures are also discussed in OFAC’s proposed Enforcement Guidelines, 68 FR 4422 - 4429 (January 29, 2003).

  1. Follow up post #1 added on September 14, 2007 by manfredz with 464 total posts

    wonder how much of the taxpayers money is spent to collect these huge fines .....


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