BNP Paribas fined $8.9 billion for breaking US sanctions on Iran, Sudan

BNP Paribas pleaded guilty Monday to US criminal charges of violating sanctions on Iran and Sudan for eight years and was fined a record $8.9 billion.
      
The US Justice Department said France's largest bank deliberately hid thousands of transactions with the two countries as well as Myanmar and Cuba during 2004-2012 in what officials called a "complex and pervasive scheme" that top bank managers knew broke US law.
      
Officials called it the largest penalty ever obtained by the Justice Department in a criminal economic sanctions case, and the largest in any criminal case involving a bank.
      
"BNP went to elaborate lengths to conceal prohibited transactions, cover its tracks, and deceive United States authorities," Attorney General Eric Holder said.
      
The violations aided countries involved in terrorism and human rights violations, Holder said, "in many cases to the detriment of United States national security."       

"This landmark resolution demonstrates the justice department's firm commitment to enforcing embargoes and other measures designed to protect America's security and our vital national interests," said Holder.
      
"This outcome should send a strong message to any institution, any institution anywhere in the world, that does business with the United States, that illegal conduct will simply not be tolerated."       

The bank agreed to plead guilty to one count of conspiring to violate sanctions, making it the first bank found guilty in a sanctions case.
      
As part of the settlement, BNP will pay $8.83 billion as forfeiture of gains, split among several US agencies and authorities, and a $140 million fine.
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