USA: Part of the Fine on French Bank to be Paid to Victims from Three Countries

The United States has decided that part of the $8.9 billion fine imposed on the French bank BNP Paribas will be paid to victims of the actions of the governments of Iran, Sudan, and Cuba. The Associated Press reported this news citing Andrew Goldstein, assistant U.S. attorney. BNP Paribas, the largest bank in France, was sentenced by a U.S. court on Friday, May 1, to pay $8.9 billion for violating sanctions against Iran, Sudan, and Cuba. The bank will also pay an additional $140 million to improve its compliance methods and policies. BNP Paribas has admitted in court to its 'conspiracy' to violate the 'International Emergency Economic Powers Act' and the 'Trading with the Enemy Act.' The largest bank in France has acknowledged investing billions of dollars in illegal transactions on behalf of clients in Iran, Sudan, and Cuba, who are under U.S. sanctions. Officials have stated that BNP Paribas essentially acted as the 'central bank of the Sudanese government.' They also mentioned that the largest bank in France violated sanctions against Iranian and Cuban individuals by concealing their information in transactions within the U.S. system. Georges Dyerani, an advisor to BNP Paribas, stated that the bank 'accepts full responsibility for all its actions.' Mr. Dyerani added, 'There is no doubt that the organization {the bank} will not tolerate the behavior observed in this case.' The U.S. Department of Justice has announced that this is the first time an international bank has been found guilty of violating economic sanctions imposed by the United States.