Justice Departmemt finds French bank BNP guilty of U.S. sanctions violations

After months of negotiations, BNP admitted to violating U.S. trade sanctions by processing billions of dollars in illegal transactions for clients in Sudan, Cuba and Iran.
By ERIC TUCKER Published: June 30, 2014
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In brief

BNP Paribas owes U.S. $8.9B

France’s largest bank, BNP Paribas, has agreed to pay nearly $9 billion to resolve criminal allegations that it processed transactions for clients in Sudan and other blacklisted countries in violation of U.S. trade sanctions, the Justice Department announced Monday. The bank pleaded guilty to state charges in New York and plans another guilty plea in federal court next month.

After months of negotiations, BNP admitted to violating U.S. trade sanctions by processing billions of dollars in illegal transactions for clients in Sudan, Cuba and Iran. The United States sanctions were to block joining in the global financial system.

The transactions, which prosecutors say were processed through its New York branch office from at least 2004 through 2012, were handled when human rights abuses — including the genocide in Sudan — were occurring.

Associated Press