Latin American Airline Firm Discloses Possible Sanctions Breach to OFAC
Copa Holdings, the parent company of Latin American airlines Copa Airlines and Wingo, recently disclosed to the U.S. government that it may have violated U.S. sanctions against Cuba.
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The company submitted a final voluntary self-disclosure to the Office of Foreign Assets Control in February "concerning a potential violation of the United States Cuban Assets Control Regulations," Copa Holdings said in an April 28 Securities and Exchange Commission filing. OFAC is reviewing the disclosure, the company said. "We have kept OFAC appraised of these actions and remain in communication with OFAC concerning our voluntary self-disclosure."
Copa Holdings, a provider of airline passenger and cargo services, said it offers passenger, cargo and mail transportation services to and from Cuba. The company's revenues from Cuban operations during 2024 "represented approximately 0.4% of our total consolidated operating revenues for the year," it said. "Our assets located in Cuba are not significant."
It added that "any violations of U.S. sanctions could result in the imposition of civil and/or criminal penalties and have an adverse effect on our business and reputation."