BNP Paribas pleads guilty over violating US sanctions

BNP Paribas pleaded guilty in Manhattan federal court to violating U.S. sanctions after agreeing last week to pay a record $8.97bn to resolve state and federal probes that reached the highest echelons of French and American diplomacy.

Bloomberg News reports that BNP admitted it violated the International Emergency Economic Powers Act and the Trading with the Enemy Act by processing almost $9bn in banned transactions from 2004 to 2012 involving Sudan, Iran and Cuba. U.S. District Judge Lorna Schofield in Manhattan, accepted the plea entered today by Georges Dirani, the company’s top lawyer. She set the bank’s sentencing for October 3.

The bank will be barred from U.S. dollar-clearing operations for one year beginning January 1 for its oil and gas commodity-finance business, according to the agreement reached with the U.S. New York’s top banking regulator will also require 13 executives to leave the bank.

To access the complete Bloomberg News article hit the link below:

BNP Paribas Pleads Guilty in U.S. to Violating Sanctions

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