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| Europe |
| France's biggest bank braces for record $9 billion US fine for evading sanctions |
| 2014-06-30 |
| (Reuters) - The U.S. Justice Department is expected to announce on Monday a settlement with BNP Paribas (BNPP.PA) involving a record fine of nearly $9 billion over alleged U.S. sanctions violations by France's biggest bank, sources familiar with the matter said. The penalties, which the sources said may also include a temporary ban on some dollar-clearing business, could hit BNP's dividend payout, regulatory capital ratios and its investment banking targets, analysts say. BNP is expected to plead guilty to a criminal charge in Manhattan Federal Court on Monday and the U.S. Justice Department is planning a news conference in Washington to announce a deal the same day, sources said. NBPS Role in Undermining Sudan Sanctions St. Louis, June 18th -- The pivotal role BNP Paribas played in helping Sudan sell oil in violation of U.S. sanctions is the major reason U.S. authorities are pushing for harsh penalties against the French banking giant, two sources with firsthand knowledge of the matter said."BNP basically was the Sudanese economy. "They were just huge in helping the government of Sudan evade U.S. sanctions," one of the sources said. BNP's role involved removing references to Sudanese parties from wire-transfer messages, so U.S. dollar oil payments could clear through New York and move into accounts controlled by Khartoum, the sources said. The sources declined to name the buyers of the Sudanese oil or to say what Khartoum did with the revenue. BNP provided more oil-related banking services to Sudan than any other bank and "made a determination" that it wanted to bank the U.S.-sanctioned country, one source said. He was unable to say precisely what percentage of Sudan's banking BNP handled, but said it was the "dominant player." The source added that the bank also violated U.S. sanctions by doing business with Iran and Cuba. |
| Posted by:Anguper Hupomosing9418 |
| #3 Actually, their 'investment' was the funding of the American War of Independence. It was among the factors (ie sovereign bankruptcy - in both sense of the words) that lead to him losing his head (literally). |
| Posted by: Procopius2k 2014-06-30 08:18 |
| #2 When do the French return the favor? |
| Posted by: Raj 2014-06-30 06:42 |
| #1 I recommend the fines be paid to some worthwhile Christian charities in France. Bringing the money back to the States will only result in the regime frivolously pissing it away. |
| Posted by: Besoeker 2014-06-30 04:54 |