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Entries in Sudan (15)

Friday
Jul112014

BNP compliance staff first warned top execs, but later disguised misconduct 

Image courtesy of RT.com via YouTubeBNP 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.

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Thursday
Jul102014

Judge accepts BNP guilty plea for sanction offenses

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."

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Wednesday
Jul092014

Sanctions probe now targets German banks

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.

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Tuesday
Jul082014

Who should pay for BNP's crimes?

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.

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Tuesday
Jul012014

BNP admits guilt, fined $8.9 billion for U.S. sanctions violations

Jean-Laurent Bonnafé, Chief Executive Officer of BNP Paribas (Image courtesy of Euro Business Media via YouTube)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.

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Monday
Feb172014

BNP Paribas faces penalties for potential U.S. sanctions violations

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.

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Tuesday
Nov262013

Weatherford pays $152.6 million for FCPA violations, $100 million for trade sanctions

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.

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Tuesday
Nov052013

Weatherford expects $250 million settlement

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.

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Monday
May062013

Weatherford uncovers 'potential violations' 

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.'

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Thursday
Jun212012

$4 Billion Lost To Corruption In Southern Sudan

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.

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