Date
26 September 2017
BNP Paribas alleged hid US$30 billion of financial transactions that violated US sanctions against certain countries. Photo: Bloomberg
BNP Paribas alleged hid US$30 billion of financial transactions that violated US sanctions against certain countries. Photo: Bloomberg

BNP near settlement with US for up to US$9 billion

BNP Paribas and US prosecutors are close to an agreement that will see the bank paying up to US$9 billion to settle alleged violations of US sanctions against certain countries, the Wall Street Journal reported, citing people close to the investigation.

The negotiations were now on their final stage, the report said.

The French bank also reportedly agreed to plead guilty to a criminal charge of conspiring to violate the International Emergency Economic Powers Act and to a months-long ban on company transactions in US dollars.

As part of the deal, BNP will announce the departures of more than 30 bank employees, the sources said. 

Investigation by US authorities showed that BNP, over a period of more than five years, used regional banks overseas to route funds linked to companies and government agencies in Sudan at a time when the nation was under US sanctions for alleged genocide, the sources said.

A majority of the transactions, said to reach US$30 billion, involved Sudan, although the bank had also facilitated such transfers for Iran and other sanctioned countries, the report said.

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CG

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