OFAC Settles Cases with Puerto Rican Company, Bank of America Over Narcotics Violations
The Treasury Department’s Office of Foreign Assets Control (OFAC) settled two potential civil liability cases in recent days, the agency said on July 24. OFAC settled a case with San Juan, Puerto Rico-based Campo Gardens for $27,000 over alleged violations…
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of Narcotics Trafficking Sanctions Regulations (here). The firm allegedly purchased $344,016 worth of frozen passion fruit juice/pulp from Frutas Exoticas Colombiana, a Specially Designated Narcotics Trafficker. The transactions took place from 2009-10. OFAC said the firm did not have a proper compliance program in place during the infractions, but has since instituted an OFAC program. OFAC also settled for $16,562,700 a potential civil liability case with Bank of America over 116 transactions executed for Adrian Orozco Cardenas, Luis Carrillo Rodriguez, and Carlos Alberto Sanchez (here). The individuals are entries on the Specially Designated Narcotics Traffickers list. The transactions, made from 2005-09, allegedly violated the Foreign Narcotics Kingpin Sanctions Regulations. Bank of America is required to pay the fine within 15 days of receiving the settlement agreement and demonstrate it has an effective compliance program in place.