A trade credit insurer agreed to settle potential liability for violating the Foreign Narcotics Kingpin Sanctions Regulations.
According to OFAC, Atradius Trade Credit Insurance ("ATCI") dealt in property or interests of Grupo Wisa, S.A. ("Grupo Wisa"), a designated ("SDN") narcotics trafficker and former owner of a Panamanian shopping mall. OFAC alleged that ATCI accepted assignment of a Grupo Wisa debt in the amount of $5,730,680.33 and received payment of $4,043,174.25 from the liquidation of Grupo Wisa's assets in Panama. According to OFAC, "ATCI did not undertake any meaningful analysis or otherwise seek confirmation from OFAC that assignment of the SDN's debt and acceptance of payment" in connection with the Gupo Wisa debt was permissible.
To settle the potential civil liability, ATCI agreed to remit $345,315.
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