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Posted April 30, 2009 by publisher in OFAC

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Rob Sequin | Havana Journal

OFAC Civil Penalties for violating the Cuban Assets Control Regulations

Varel Holdings, Inc. Settles Cuban Assets Control Regulations Allegations:

Varel Holdings, Inc., Dallas, Texas (“Varel”), has remitted $110,000.00 to settle allegations of violations of the Cuban Assets Control Regulations occurring between June 2005 and June 2006. OFAC alleged that, between June 2005 and June 2006, a foreign subsidiary of Varel made eleven unlicensed exports of goods in which Cuba or Cuban nationals had an interest. Varel voluntarily disclosed this matter to OFAC. This matter was resolved according to the prior enforcement guidelines published by OFAC at 68 Fed. Reg. 4422.

Also in this month’s OFAC Civil Penalties release, EFEX Trade, LLC (no website available) Settles Cuban Embargo Program Allegations:

EFEX Trade, LLC (“EFEX”), West Palm Beach, FL, has remitted $2,000.00 to settle allegations of a violation of the Cuban Assets Control Regulations occurring in February 2006. The alleged violation relates to unlicensed remittance forwarding services in which Cuba or a Cuban national had an interest. EFEX did not voluntarily disclose this matter to OFAC. This matter was resolved according to the prior enforcement guidelines published by OFAC at 68 Fed. Reg. 4422.

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