BNP Paribas SA ignored the warnings of its compliance staff as the bank broke U.S. sanctions, but the compliance team helped hide the origins of the transactions from U.S. authorities, according to the bank's guilty plea this week.
Entries in Sudan (15)
BNP Paribas pleaded guilty Wednesday to a charge of violating U.S. economic sanctions by processing transactions for clients in blacklisted countries, a development that a U.S. judge said should shows that no financial institution is "immune from the rule of law."
State and federal authorities have begun settlement talks with Commerzbank AG and Deutsche Bank over their alleged dealings with countries blacklisted by the United States.
On June 30, the Justice Department and other federal and state agencies announced the long awaited settlement in the BNP case. The bank forfeited $8.8 billion and paid fines of $140 million for the “hat-trick of sanctions violations” -- unlawfully offering the U.S. financial markets to three sanctioned countries: Sudan, Iran and Cuba.
French banking giant BNP Paribas agreed to plead guilty to criminal charges and pay an $8.9 billion penalty for transferring billions of dollars on behalf of blacklisted Sudan, Iran and Cuba, U.S. authorities said Monday.
BNP Paribas has set aside $1.1 billion for a potential settlement with federal and state government agencies that are investigating possible U.S. sanctions violations.
Weatherford International agreed Tuesday to pay $152.6 million to the DOJ and SEC for FCPA offenses in the Middle East and Africa and violation of the Iraq oil-for-food program.
Oil field services company Weatherford International said Monday it hopes to finalize a settlement with the U.S. government of FCPA and oil-for-food violations and trading with sanctioned countries for about $250 million.
Oil field services company Weatherford International Ltd. said in its quarterly filing with the SEC Friday that it has 'uncovered potential violations of U.S. law in connection with activities in several jurisdictions.'
Since 2005, Southern Sudan has collected about $10 billion in oil revenues. The stolen funds would therefore constitute 40% of the country’s oil revenues.