[QODLink]
Americas

BNP Paribas to pay $8.83bn fine

French bank agrees to pay fine for violating sanctions that the US imposed on Sudan, Iran and Cuba.

Last updated: 30 Jun 2014 21:43
Email Article
Print Article
Share article
Send Feedback
US prosecutors said BNP Paribas' conduct was known and condoned at the highest levels of the bank [AFP]

BNP Paribas has pleaded guilty to two criminal charges and agreed to pay $8.83 billion in a broad agreement with US authorities over charges the French bank violated US sanctions laws.

A lawyer for BNP briefly appeared in New York state court on Monday and pleaded guilty to one count of falsifying business records and one count of conspiracy.

Assistant District Attorney Ted Starishevsky said the bank engaged in a "long-term, multi-jurisdictional conspiracy" to violate sanctions laws by facilitating transactions involving Sudan, Cuba, and Iran.

"This conduct, this conspiracy was known and condoned at the highest levels of BNP," Starishevsky said.

The bank's general counsel, Georges Dirani, told the judge that BNP took steps to evade sanctions between 2004 and 2012 that the United States imposed on Sudan, Cuba and Iran.

US authorities have been examining whether BNP Paribas evaded US sanctions, in part by stripping identifying information from wire transfers so they could pass through the US financial system without raising red flags.

BNP Paribas is also likely to be suspended from making dollar payments on behalf of clients in some businesses for as long as a year, sources familiar with the matter have told Reuters, an untested and potentially severe penalty for the French bank.

207

Source:
Reuters
Email Article
Print Article
Share article
Send Feedback
Featured on Al Jazeera
Your chance to be an investigative journalist in Al Jazeera’s new interactive game.
An innovative rehabilitation programme offers Danish fighters in Syria an escape route and help without prosecution.
Street tension between radical Muslims and Holland's hard right rises, as Islamic State anxiety grows.
Take an immersive look at the challenges facing the war-torn country as US troops begin their withdrawal.
Featured
Private citizens take initiative to help 'irregular' migrants, accusing governments of excessive focus on security.
Indonesia's cassava plantations are being killed by mealybugs, and thousands of wasps will be released to stop them.
Violence in Ain al-Arab has prompted many Kurdish Syrians to flee to Turkey, but others are returning to battle ISIL.
Unelected representatives quietly iron out logistics of massive TPP and TTIP deals among US, Europe, and Asia-Pacific.
Led by students concerned for their future with 'nothing to lose', it remains to be seen who will blink first.