BNP faces record-breaking fine and punishment in U.S. for breaking sanctions

The company dealt with Sudan, Iran, and Cuba over a period of 10 years

BNP Paribas has pled guilty to two criminal charges of breaking U.S. sanctions against trade with Sudan, Iran and Cuba. The bank will be prevented from clearing certain transactions in U.S. dollars for one year from the start of 2015, as well as pay $9 billion in fines.

That sum amounts to one of the largest fines on record, in addition to one of the most severe punishments possible for the French-based bank that uses U.S. trades as an essential money-making arm of its global operations. Reuters notes that the extent of the severity of the fine and punishment is part of the U.S. Justice Department’s crackdown on international financial institutions, their schemes, and money laundering in general, quoting the New York State regulator on the settlement:

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Juliana Kenny

Juliana Kenny is a contributor to, covering a range of topics including patent litigation, conflict mineral laws, executive compensation, and antitrust regulation. Juliana earned B.A.s...

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