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BNP Paribas pleads guilty to US sanctions violations

BNP Paribas has pleaded guilty to violating US sanctions against Iran, Sudan and other countries, and will pay $8.9 billion to settle the probe, the US Justice Department saysBNP Paribas pleaded guilty Monday to US criminal charges of violating sanctions on Iran, Sudan and other countries and was fined a record $8.9 billion to settle the case. The US Justice Department said the French 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” and a “serious breach ” of US law. Officials described the fine as 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.

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