Date
24 November 2017
US Attorney General Eric Holder speaks during a press conference on the BNP Paribas case at the Department of Justice on Monday. Photo: Bloomberg
US Attorney General Eric Holder speaks during a press conference on the BNP Paribas case at the Department of Justice on Monday. Photo: Bloomberg

US targets range of firms in crackdown on illicit money flows

US authorities are investigating other financial institutions on various violations after BNP Paribas has agreed to plead guilty and pay more than US$8.9 billion for violating US sanctions, Reuters news agency reported on Wednesday.

Among those in the cross-hairs of the US Justice Department and other agencies are two other major French banks, Credit Agricole and Societe Generale, as well as Germany’s Deutsche Bank and Banamex USA, the US arm of Citigroup’s Mexican banking group Banamex, the report said.

Possible offenses include money laundering and violations of sanctions imposed against Iran, Cuba and Sudan, a source was quoted as saying.

BNP is accused of providing dollar clearing services to individuals and groups associated with Sudan, Iran and Cuba, in violation of US sanctions, according to the justice department.

Meanwhile, Credit Agricole and SocGen have said they are looking into whether they violated US sanctions, the report said. 

Citigroup has also said it is cooperating with US investigators, including the Federal Deposit Insurance Corp. The probe was about Banamex USA’s alleged failure to prevent unauthorized money transfers across the US-Mexico border, a source said.

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