[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
'Justice for All' demonstrations swell across the US over the deaths of African Americans in police encounters.
Six former Guantanamo detainees are now free in Uruguay with some hailing the decision to grant them asylum.
Disproportionately high number of Aboriginal people in prison highlights inequality and marginalisation, critics say.
Nearly half of Canadians have suffered inappropriate advances on the job - and the political arena is no exception.
Featured
Women's rights activists are demanding change after Hanna Lalango, 16, was gang-raped on a bus and left for dead.
Buried in Sweden's northern forest, Sorsele has welcomed many unaccompanied kids who help stabilise a town exodus.
A look at the changing face of North Korea, three years after the death of 'Dear Leader'.
While some fear a Muslim backlash after café killings, solidarity instead appears to be the order of the day.
Victims spared by the deadly disease are reporting blindness and other unexpected post-Ebola health issues.