THE JOURNAL OF EXPORT CONTROLS AND SANCTIONS

NEWS

OFAC fines US Honda finance company for Canadian car exports to Cuba

June, 2017

Failures in restricted parties screening systems to blame.

The US Department of the Treasury’s Office of Foreign Assets Control (‘OFAC’)  has fined car finance company American Honda Finance Corporation (‘AHFC’) $87,255 for alleged violations of the Cuban Assets Control Regulations carried out by its Canadian subsidiary, Honda Canada Finance Inc (‘HCFI’). HCFI approved and financed a number of lease agreements between an unaffiliated Honda dealership in Ottawa, Canada and the Embassy of Cuba. OFAC said: ‘The Cuban entity had the word “Cuba” in its name and provided documentation to HCFI demonstrating it was a Government of Cuba entity. Although AHFC and HCFI had policies and procedures in place...

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