For nearly 20 years, U.S. sanctions have stymied Sudan's economic growth while doing little to stop savvy bankers from doing business in the country, according to Bader Eldin Mahmmoud Abbas Mukhtar, the country's minister of finance and national economy.
With the ink hardly dry on BNP Paribas' guilty pleas, U.S. officials are looking into "a fair amount of conduct" by other financial institutions that could result in formal charges, according to Douglas Leff, assistant special agent in charge of the FBI's New York field office.
BNP Paribas pleaded guilty and agreed to pay nearly $9 billion to settle charges that it knowingly violated U.S. sanctions against four nations despite previous warnings from American officials.
As U.S. officials and bankers debate the merits and drawbacks of an expected $10 billion sanctions settlement with BNP Paribas, their French counterparts are offering a more unified response: outrage.
Beleaguered bank BNP Paribas SA will move several top compliance positions to New York City in a bid to please the U.S. Justice Department and American regulators preparing to fine the institution.
A law enforcement and regulatory probe into potential sanctions violations by BNP Paribas centers on transactions tied to Sudan, according to an individual with direct knowledge of the matter.
The Royal Bank of Scotland will pay the United States $500 million over Bank Secrecy Act and sanctions violations committed by the now defunct ABN Amro, U.S. officials said Monday.
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