DF Deutsche Forfait AG is back after acquittal from OFAC

ITFA has received the following statement from DF Deutsche Forfait. ITFA is pleased to welcome Deutsche Forfait back into the trade and forfaiting community.

German forfaiting specialist was removed from sanctions list without having to pay a fine

A great relief for German forfaiter DF Deutsche Forfait AG: The company has been recently removed from the SDN sanctions list of the US-Office of Foreign Assets Control (OFAC), where it had been placed in February 2014. The delisting goes along with a full acquittal. It does not involve any payment of a fine by the company. Following its removal from the SDN list, the company is free to resume  USD-denominated business without restrictions and to pick up its suspended business.

Marina Attawar

“We are glad to have managed to get off the list in a record time of 249 days”, said Marina Attawar, member of the Board of Management of DF Deutsche Forfait AG. The average OFAC listing period is around 850 days. "The listing has hurt us financially but we are convinced we will restore business in due course. One of the reasons for our confidence is the great support of our business partners that have signalled their readiness to transact with us again. Our key personnel are in place and are looking forward to getting back to business. Currently the company is considering a number of new deal opportunities,  including export facilities for Africa and Asia.

The investigations of the past months mean that DF Deutsche Forfait has been subjected to the toughest sanctions compliance checks imaginable and the adjusted compliance system of the company meets highest international standards. As a result the company feels well prepared for the task ahead i.e. continuing the trade finance business in these challenging times where we are all surrounded by international sanctions.