US authorities have hit French bank BNP Paribas with a giant $8.9bn (£5.2bn) fine for breaking trade sanctions.
The bank will plead guilty to two criminal charges of breaking US sanctions against trade with Sudan, Iran and Cuba. The US Justice Department's investigation showed BNP Paribas hid the names of clients from blacklisted countries when processing $30bn in transactions through the US. Prosecutors said the bank had engaged in a "long-term, multi-jurisdictional conspiracy" when it violated international sanctions. "Between 2004 and 2012, BNP engaged in a complex and pervasive scheme to illegally move billions through the US financial system," said US Attorney General Eric Holder in a ...
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