August 17th, 2011 — CMA CGM’s U.S. subsidiary CMA CGM (America) LLC has
reached a settlement with the U.S. Department of Treasury’s Office of Foreign
Assets Control (OFAC) in connection with payment procedures related to the
foreign shipment of primarily agricultural and medical supplies including frozen
chicken, beef and pork as well as dental chairs and colored dyes to countries
with sanctions during the December 2004 through April 2008 time period.
CMA CGM cooperated fully with the OFAC investigation and has paid $374,400 as part
of the settlement. There was no finding of fault.
The settlement recognized that during the past several years, CMA CGM has instituted
numerous new company-wide procedures to enhance the company’s compliance
program to meet U.S. regulations. These include:
Enhanced Record-Keeping: The development of enhanced record-keeping
procedures to identify transactions related to embargoed entities and block
deposit of payments (both electronic and paper) for those transactions to U.S.
Upgraded Reporting Procedures: The implementation of specific procedures
for the reporting of attempted transactions to group headquarters and to relevant
government agencies, when required;
Established Compliance Coordination Unit: The establishment of an embargo
compliance coordination unit within the legal department;
Increased Monitoring: The assignment of additional employees to monitor
worldwide embargo programs, update embargo-related databases and review
Strengthened Compliance Training: The requirement that all CMA CGM
employees take an online course on embargo compliance. New and existing
CMA CGM (America) LLC employees are required to complete additional
Launching “Security Regulations and Customs Procedures” new website
section: Launching a dedicated website section that provides links to key
national and international official documents as well as CMA CGM Group’s
procedures to insure compliance with security and safety regulations governing
CMA CGM carries nearly nine million containers around the world every year and has
operated in the United States for more than twenty years. The company is committed to
maintaining the highest standards of integrity, ethics and compliance in our U.S. and
global operations. CMA CGM's reputation as a highly respected and responsible
company is extremely important to its management and employees. The company
approaches all regulations with the utmost seriousness and complies fully with all
applicable laws in the jurisdictions in which it operates.
CMA CGM is the world's third largest container shipping company. CMA CGM is
dedicated to advancing “best practices” within its industry. The company has become
one of the world’s leading container shipping groups by offering its customers top
quality, door-to-door solutions and increasingly comprehensive global coverage.
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