Compliance Blog


Company Fined $5.9M for Failing to Obtain Required Export Licenses

May 19, 2014
/ Print / Reprints /
ShareMore
/ Text Size+

Republished from Amber Road’s Global Trade Talk Blog

CWT B.V., a Dutch travel agency, has been fined $5.9M by the U.S. government for violating the trade embargo to Cuba. CWT’s violations took place from August 8, 2006 to November 28, 2012 and involved trips to Cuba by 44,430 people.

But why, you might ask, is a Dutch company getting fined by the U.S. government? In 2006, CWT became majority-owned by U.S. entities and thus subject to the U.S. Trading With the Enemy Act. CWT continued doing business with Cuba, but without obtaining the necessary licenses issued by Treasury’s Office of Foreign Assets Control (OFAC).

CWT is a “commercially sophisticated international corporation and travel services,” the Treasury statement noted, “but failed to exercise a minimal degree of caution or care regarding its obligations to comply with OFAC sanctions against Cuba.”

CWT found out the hard way that export license management is a tricky task and comes with a high risk of noncompliance. Automating license determination and management is one of the easiest ways to ensure that your company is compliant.

 For more information, please read this Miami Herald article

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

Five Wearable Manufacturing Technologies of the Future

Video applications, Employee Monitoring, Field service, Plant monitoring, Improving employee safety.

For more manufacturing insights, visit www.exactonline.com.

 

Podcasts

Assurance of Supply: A Top Concern for Manufacturers

Every manufacturer has an assurance of supply problem to some extent due to the complexity of global sourcing. For years, manufacturers were blessed with high margins but margins have grown paper thin. You can’t fill up your distribution centers with excess inventory – not only is there a cost factor but the pace of business and consumer buying trends causes goods to quickly turn obsolete. Assurance of supply provides the speed and agility that is essential to being able to compete in today’s market.

 

Speaker info: Diane Palmquist, VP Manufacturing Industry Solutions

                                         

More Podcasts

World Trade 100 Magazine

wt100 cover december 2014

2014 December

Check out the December 2014 edition of World Trade WT100, featuring our cover story on Air Cargo, The Alliance Awards, plus much more!

Table Of Contents Subscribe

Transportation Capacity

As peak season has gotten underway, what is your experience with transportation capacity?
View Results Poll Archive

WT100 STORE

world-class-warehousing.gif
World-Class Warehousing and Material Handling, 1st Edition

Filled with proven operational solutions, it will guide managers as they develop a warehouse master plan, one designed to minimize the effects of supply chain inefficiencies as it improves logistics accuracy and inventory management - and reduces overall warehousing expense.

More Products

Clear Seas Research

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications,Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

STAY CONNECTED

Use our interactive maps to locate service providers across North America.Interactive Map

Logistics Development Partners 

IWLA Members