French Bank BNP Guilty Of US Sanctions Violations (Click here to read more)
Eric Tucker · Monday, June 30, 2014, 6:24 pm.
WASHINGTON (AP) - France's largest bank, BNP Paribas, pleaded guilty Monday and 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.
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After months of negotiations, the bank admitted to violating U.S. trade sanctions by conducting currency transactions for clients in Sudan, Cuba and Iran. The transactions were made through the bank's New York office from at least 2004 through 2012. The United States had imposed the sanctions on the countries to block their participation in the global financial system.
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