British American Tobacco to pay $635m for violating North Korea sanctions.
TL;DR Summary
British American Tobacco (BAT) has admitted to selling and manufacturing products in North Korea in violation of U.S. sanctions and bank secrecy laws, and has agreed to pay $635 million in penalties. An indirect subsidiary of the company located in Singapore pleaded guilty to three federal counts, including conspiracy to commit bank fraud and other North Korea-related laws. BAT and the federal government entered into a deferred prosecution agreement, but the charges will ultimately be dropped if BAT continues to abide by the law.
Topics:nation#bank-fraud#british-american-tobacco#deferred-prosecution-agreement#north-korea#politics#sanctions
- Tobacco giant admits to selling products to North Korea, agrees to pay more than $600 million CBS News
- World's second-largest tobacco company to pay over $600 million for violating sanctions against North Korea ABC News
- British American Tobacco to pay $635m for North Korea sanctions breaches BBC
- Tobacco company pleads guilty to violating U.S. sanctions on North Korea The Washington Post
- DOJ, State: $629M criminal fine, $508M civil settlement against British American Tobacco for selling to North Korea USA TODAY
Reading Insights
Total Reads
0
Unique Readers
1
Time Saved
3 min
vs 4 min read
Condensed
88%
683 → 84 words
Want the full story? Read the original article
Read on CBS News