Utah People's Post

The Latest News from the Beehive State

Thursday, June 30, 2022
Log in
  • National News
    • Female Caseworker Killed & Doctor Shot in Philadelphia
  • State News
    • Car Chase Leads to Drug Arrest
  • Tech & Science
  • Health
    • How to Prepare For Ticks Season
    • Magical Weight Loss Bean Scam
  • Sports
  • Business
You are here: Home / Business / French Bank PNB Paribas Pleads Guilty and Agrees to Pay Sanction

French Bank PNB Paribas Pleads Guilty and Agrees to Pay Sanction

July 1, 2014 Posted by Contributor

pnb paribasFrance’s largest bank, PNB Paribas has a bad reputation and a history of doing business with countries that are on the U.S. blacklist.

The biggest problem related to French bank PNB Paribas was that it played the role of being Sudan’s central bank.

It processed financial transactions, money laundry schemes and other illegal trading operations with country that were in violation of the United States trade sanctions.

This is not the first time when an European bank proves itself of being the bad guy and financing foreign countries and even U.S. clients that are associated with acts of terrorism, extreme violence and illegal actions.

In May, the Credit Suisse pleaded guilty for the criminal charge of helping American citizens to avoid paying taxes.  The bank sealed a $2.6 billion plea deal with the Justice Department.

In the last two years, American officials sanctioned Europe’s largest bank, HSBC, for operating financial transactions of billions of dollars on behalf of Iran, Cuba, Libya, Sudan and Myanmar. Also, Standard Chartered Bank was sanctioned by the U.S. for laundering money in the benefit of the Iranian government. It settled for $340 million.

Back to the French bank PNB Paribas, it was found guilty of avoiding sanctions against entities in Iran and Cuba also. The list of misdemeanors is quite long, but after months of negotiations and research, the Justice Department won the case against the bank. PNB Paribas pleaded guilty on two criminal charges and agreed to pay around $9 billion as settlement.

This is the largest sanction registered by the Justice Department and it wasn’t an easy one. French authorities pleaded for “fair and proportionate” penalties, while President Francois Hollande wrote directly to the Obama administration asking it to intervene in this trial. The reason for such high – level interventions was that a major punishment brought upon France’s largest bank would shake the European economy in an unprecedented level. President Obama chose to stay out of the situation and not interfere with the Justice Department’s case.

The seriousness of this particular case is that French bank PNB Paribas was found guilty of wrongdoings that span across a decade. Investigators found a solid scheme going on smoothly from 2002 until 2012. It was more than a conspiracy, it was a well – oiled functioning system that worked against every rule and regulation. The $9 billion settlement is just the beginning, however. According to reports, the U.S. authorities locked their inquisitive eyes onto other two major banks in France: Credit Agricole and Societe Generale. It is not clear if these banks are also involved in fraudulent activities with blacklisted countries, but the investigators are serious when they say they want to deliver a message: no bank is too large to prosecute.

Share this:

  • Tweet
  • Share on Tumblr
  • Email

Filed Under: Business Tagged With: banks, Justice Department, PNB Paribas

Woman working out at the gym

Just 23% of Americans Are Working Out Enough in Their Spare Time

June 29, 2018 By Amelia Donovan

Poliovirus Therapy Gives Brain Cancer Patients New Hope (Study)

June 29, 2018 By Amelia Donovan

United Airlines airplane

Passenger Mysteriously Dies on United Airlines flight Bound for Boston

June 28, 2018 By Amelia Donovan

Breakfast sandwich

Here Are Some Foods No Nutritionist Would Ever Eat

June 27, 2018 By Amelia Donovan

Poppy flower

UN Warns of Surge in Opium-based Drugs and Cocaine Supply

June 27, 2018 By Amelia Donovan

U.S.-Canada border

French Jogger Detained 2 Weeks for Accidentally Crossing Border

June 26, 2018 By Amelia Donovan

Plus size model

Normalizing Plus Size Could Fuel Obesity Crisis (Study)

June 25, 2018 By Amelia Donovan

Giant manta ray

Unique Manta Ray Nursery Spotted off Texas Coast

June 23, 2018 By Amelia Donovan

The rainbow flag

WHO Scraps Transgenderism from List of Mental Illnesses

June 22, 2018 By Amelia Donovan

456 People Dead at U.K. Hospital after Taking too Many Painkillers

June 21, 2018 By Amelia Donovan

Kenyan girls dancing

Kenyans Facing Poor Nutrition as Supermarket Shopping Is on the Rise

June 20, 2018 By Amelia Donovan

Pages

  • About
  • Contact
  • Privacy Policy GDPR
  • Staff
  • Terms and Conditions

Recent Posts

  • Just 23% of Americans Are Working Out Enough in Their Spare Time
  • Poliovirus Therapy Gives Brain Cancer Patients New Hope (Study)
  • Passenger Mysteriously Dies on United Airlines flight Bound for Boston
  • Here Are Some Foods No Nutritionist Would Ever Eat
  • UN Warns of Surge in Opium-based Drugs and Cocaine Supply
  • French Jogger Detained 2 Weeks for Accidentally Crossing Border
  • Normalizing Plus Size Could Fuel Obesity Crisis (Study)

Related Articles

  • Passenger Mysteriously Dies on United Airlines flight Bound for Boston

    Jun 28, 2018
  • Fishing boat in the Atlantic Ocean

    U.S. Seafood Dealer Lied About Fish Being Caught in U.S.

    Jun 14, 2018
  • Tesla car on the road

    Tesla’s Autopilot Software To ‘Nag’ Drivers to Keep Hands on Wheel

    Jun 12, 2018
  • Mexico Slaps Tariffs on U.S. Steel, Pork, and Bourbon

    Jun 6, 2018
  • Dairy cows on a pasture

    Kentucky Milk Plant Closes after Losing Contract with Walmart

    Jun 4, 2018
  • Tesla founder Elon Musk

    Elon Musk Upset About Latest Tesla Crash Being ‘Front Page News’

    May 16, 2018
  • Orange juice bottles on Whole Foods shelves

    Amazon to Roll Out New Prime Perks for Whole Foods Shoppers

    May 2, 2018
  • U.S. Liquor Store

    Alcohol Sales on Sunday No Longer Banned in Indiana

    Mar 5, 2018
  • Bitcoin coins on 100-dollar bills

    Iran Unveils Its First National Cryptocurrency

    Feb 23, 2018
  • Transavia Airlines plane taking off

    Man on Plane who Wouldn’t Stop Farting Causes Emergency Landing

    Feb 19, 2018

Categories

  • Business
  • Entertainment
  • Health
  • National News
  • Nature
  • Provo
  • Salt Lake News
  • Science
  • Sports
  • State News
  • Tech & Science
  • Technology
  • Uncategorized
  • West Jordan
  • West Valley City
  • World

Copyright © 2022 utahpeoplespost.com

About · Privacy Policy · Terms of Use · Site Map · Contact