BNP Paribas was sentenced to five years of probation by a US judge on Friday in connection with the record $8.9 billion settlement resolving claims that it has violated sanctions against Sudan, Cuba and Iran.
As a result, the US District Judge Lorna Schofield in Manhattan and formally ordered the biggest French bank to mulct $8.83 billion and pay a $140 million penalty as a part of the sentence. The sentence also implies for BNP Paribas to enhance its submissiveness procedures and functions.
Much to the relief of the people harmed by the three sanction countries, some amount will now go to them, the US Justice Department announced in the court.
Georges Dirani, BNP’s, general counsel has assured that the bank has accepted the “full responsibility of its conduct” and that this matter is also under CEO Jean-Laurent Bonnafe’s personal attention. They also added that he has started to improvise the policies.
It has been that for the first time ever a global bank is pleading guilty to the violations of the US Economic sanctions, as said by the US Justice Department.
The sentencing followed BNP Paribas’ guilty plea in July to conspiring from 2004 to 2012 to violate the International Emergency Economic Powers Act and the Trading with the Enemy Act, as stated in The Times of India.
Authorities said that BNP essentially functioned as the “central bank for the government of Sudan,” concealing its tracks and failing to cooperate when first contacted by law enforcement.
Much to the agony of the deceived, prosecutors said that BNP also evaded sanctions against entities in Iran and Cuba, in part by stripping information from wire transfers so they could pass through the US system without raising red flags according to the TOI
There’s no question the organization will not tolerate the kind of behavior we have seen in this case,” Dirani said much to the scorn of the people.
Tags: BNP Paribas
