$9 billion fine for French bank
France's largest bank has pleaded guilty and agreed to pay nearly $9 billion to resolve criminal allegations that it did business with clients in Sudan and other blacklisted countries in violation of U.S. trade sanctions.
The Justice Department is announcing a plea deal with BNP Paribas, which had been under investigation for processing financial transactions for clients in Sudan, Cuba and Iran.
French officials had warned that a large penalty could affect the entire European economy and had lobbied for White House intervention. The French economy minister had urged the Justice Department to be "fair and proportionate" in deciding on a potential penalty.
The announcement comes weeks after Switzerland-based bank Credit Suisse struck a $2.6 billion plea deal with the Justice Department for helping wealthy Americans avoid taxes.
Comments on this story are pre-moderated and approval times may vary. Before they appear, comments are reviewed by moderators to ensure they meet our submission guidelines. Keep it clean, keep it civil, keep it truthful, stay on topic and be responsible. Comments are open and welcome for three days after the story is published. We reserve the right to close comments before then. Comments that appear on the site are not the opinion of Castanet, but only of the comment writer.
Read more World News
- Mail at risk after key theftKelowna - 5:00 am
- Bear-ing the weightKelowna - 11:53 am
- Rutland park vote reduxKelowna
- Did a terrorist run over soldiers?Canada - 5:39 am
World Health Organization
World Trade Organization