35558
34523

World  

$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 WELCOME

Comments are pre-moderated to ensure they meet our guidelines. Approval times will vary. Keep it civil, and stay on topic. If you see an inappropriate comment, please use the ‘flag’ feature. Comments are the opinions of the comment writer, not of Castanet. Comments remain open for one day after a story is published and are closed on weekends. Visit Castanet’s Forums to start or join a discussion about this story.



More World News

World
35456
London Webcam
35568
Recent Trending
34357
Castanet Proud Member of RTNDA Canada
33541



35574
34523