Skip to comments.France’s largest bank gets fined for evading American sanctions
Posted on 07/04/2014 10:14:16 PM PDT by Citizen Zed
THE American guillotine has fallen. After lengthy negotiations, prosecutors and regulators announced on June 30th the penalties they planned to impose on BNP Paribas, Frances largest bank, for evading American sanctions on doing business with Cuba, Iran and the Sudan: an almost $9 billion fine, a guilty plea to criminal charges of conspiracy and falsifying records and a suspension of its right to clear certain dollar transactions.
The banks dealings with and for Sudanwhere Osama bin Laden found refuge and the UNs attempt to stem the bloodletting in Darfur was resistedlie at the heart of the charges against it. BNP concealed a total of $190 billion-worth of dollar-based transactions between 2002 and 2012, according to New Yorks Department of Financial Services (DFS), including some involving Cuba and Iran. Because they were denominated in dollars, these deals ultimately had to pass through New York and thus came under its regulatory authority. To disguise their origins, BNP stripped identifying information from documentation and re-routed payments through a network of satellite banks.
BNP is not out of the woods yet. The Swiss banking regulator says it will look into the banks Geneva operations, and conversations with customers and banking supervisors that seek to limit the damage are under way. For BNP, though, at least the worst may be over. Other European banks are not so lucky. Société Générale, Crédit Agricole and Deutsche Bank are all believed to be in American regulators sights for sanctions-busting. The saga continues.
(Excerpt) Read more at economist.com ...
Didn't these "US regulators and prosecutors" destroy emails that connected them to the White House in the Tea Party targeting case?
Put your money in Chinese banks.
Crooks in government extorting crooks in finance.
Just 0 seizing money from big corporations. Remember the communist goal: eliminate all private enterprise and seize all private property.