Skip to main content

BNP pleads guilty again in $9 billion U.S. sanctions accord

BNP Paribas, for the second time in nine days, pleaded guilty on Wednesday to conspiring to violate U.S. sanctions, as part of a nearly $9 billion settlement in which the French bank admitted to breaking embargoes against Sudan, Cuba and Iran.

Prosecutors had accused the bank of processing billions of dollars through the U.S. financial system on behalf of the Sudanese and others barred because of human rights abuses, support for terrorists and other national security concerns.

U.S. District Judge Lorna Schofield accepted the plea at a hearing in Manhattan federal court. The plea was entered by the bank's general counsel, Georges Dirani.

BNP Paribas admitted to having conspired from 2004 to 2012 to violate the International Emergency Economic Powers Act and the Trading with the Enemy Act.

The U.S. Justice Department unveiled the record settlement on July 1, when the bank pleaded guilty in New York state court to charges of falsifying business records and conspiracy brought by Manhattan District Attorney Cyrus Vance.

Schofield accepted BNP's plea and approved the settlement as fair and appropriate, saying the "severity of the defendant's conduct more than warrants" the size of the penalties. She scheduled sentencing for Oct. 3.

"No financial institution is immune from the rule of law," Schofield said. The plea comes as the Justice Department steps up investigations of other banks for possible money laundering or sanctions violations.

Banks under scrutiny include France's Credit Agricole SA and Societe Generale, and Germany's Commerzbank AG and Deutsche Bank AG, according to sources and public disclosures.

In an unprecedented step, regulators banned BNP for a year from conducting certain U.S. dollar transactions, a key part of the bank's global business. It also agreed to forfeit $8.83 billion and pay a $140 million fine, a record for violating U.S. sanctions.

The criminal charges and plea marked a rarity for a major financial institution, as U.S. authorities sought to combat criticism after the financial crisis that some banks had become "too big to jail."

Manhattan U.S. Attorney Preet Bharara, whose office spearheaded the BNP investigation, said in a speech in March that it is "dangerous" to presume that the collateral consequences of charging financial institutions mean they should never be prosecuted.

(Reporting by Joseph Ax and Nate Raymond in New York; Additional reporting by Aruna Viswanatha in Washington; Editing by Chris Reese and Andre Grenon)

Popular posts from this blog

Study Abroad USA, College of Charleston, Popular Courses, Alumni

Thinking for Study Abroad USA. School of Charleston, the wonderful grounds is situated in the actual middle of a verifiable city - Charleston. Get snatched up by the wonderful and customary engineering, beautiful pathways, or look at the advanced steel and glass building which houses the School of Business. The grounds additionally gives students simple admittance to a few major tech organizations like Amazon's CreateSpace, Google, TwitPic, and so on. The school offers students nearby as well as off-grounds convenience going from completely outfitted home lobbies to memorable homes. It is prepared to offer different types of assistance and facilities like clubs, associations, sporting exercises, support administrations, etc. To put it plainly, the school grounds is rising with energy and there will never be a dull second for students at the College of Charleston. Concentrate on Abroad USA is improving and remunerating for your future. The energetic grounds likewise houses various

Best MBA Online Colleges in the USA

“Opportunities never open, instead we create them for us”. Beginning with this amazing saying, let’s unbox today’s knowledge. Love Business and marketing? Want to make a high-paid career in business administration? Well, if yes, then mate, we have got you something amazing to do!   We all imagine an effortless future with a cozy house and a laptop. Well, well! You can make this happen. Today, with this guide, we will be exploring some of the top-notch online MBA universities and institutes in the USA. Let’s get started! Why learn Online MBA from the USA? Access to More Options This online era has given a second chance to children who want to reflect on their careers while managing their hectic schedules. In this, the internet has played a very crucial in rejuvenating schools, institutes, and colleges to give the best education to students across the globe. Graduating with Less Debt Regular classes from high reputed institutes often charge heavy tuition fees. However onl

Sickening moment maskless 'Karen' COUGHS in the face of grocery store customer, then claims she doesn't have to wear a mask because she 'isn't sick'

A woman was captured on camera following a customer through a supermarket as she coughs on her after claiming she does not need a mask because she is not sick.  Video of the incident, which has garnered hundreds of thousands of views on Twitter alone, allegedly took place in a Su per Saver in Lincoln, Nebraska according to Twitter user @davenewworld_2. In it, an unidentified woman was captured dramatically coughing as she smiles saying 'Excuse me! I'm coming through' in the direction of the customer recording her. Scroll down for video An unidentified woman was captured dramatically coughing as she smiles saying 'Excuse me! I'm coming through' in the direction of a woman recording her A woman was captured on camera following a customer as she coughs on her in a supermarket without a mask on claiming she does not need one because she is not sick @chaiteabugz #karen #covid #karens #karensgonewild #karensalert #masks we were just wearing a mask at the store. ¿ o