BNP Paribas Fined $8.8 Billion

     MANHATTAN (CN) – The French bank BNP Paribas on Monday agreed to pay $8.8 billion for conspiring to process transactions through the U.S. financial system for Sudanese, Iranian and Cuban entities subject to U.S. economic sanctions.
     BNP Paribas agreed to forfeit $8,833,600,000 – the amount of proceeds traceable to one count of the criminal information , according to the June 28 Preliminary Order of Forfeiture .
     The information accuses the bank of conspiring to violation the International Emergency Economic Powers Act and the Trading With the Enemy Act.
     U.S. Attorney Preet Bharara said in a statement Monday: “U.S. Attorney Preet Bharara said: “BNPP banked on never being held to account for its criminal support of countries and entities engaged in acts of terrorism and other atrocities. But that is exactly what we do today. BNPP, the world’s fourth largest bank, has agreed to plead guilty and pay penalties of almost $9 billion for performing the hat trick of sanctions violations, unlawfully opening the doors of the U.S. financial markets to three sanctioned countries, Sudan, Iran, and Cuba. For years, BNPP provided access to billions of dollars to these sanctioned countries, as well as to individuals and groups specifically identified and designated by the U.S. government as being subject to sanctions. The bank did so deliberately and secretly, in ways designed to evade detection by the U.S. authorities. For its years-long and wide-ranging criminal conduct, BNPP will soon plead guilty in a federal courthouse in Manhattan.”
     Here are the stipulated facts .

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