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In Ongoing BNP Settlement, French See Red
By Bennett Voyles
printAs 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. The settlement, projected to be the largest-ever levied by the U.S. Justice Department for sanctions busting, would satisfy allegations that the Paris-based bank willfully hid transactions tied to Cuba, Sudan, Iran and other nations. Near or above $10 billion, the outlay would dwarf fines paid by ING Bank, Credit Suisse, Standard Chartered Bank, Royal Bank of Scotland and others for similar infractions. On Wednesday, Reuters reported that U.S. officials had...
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