Financial Transparency Coalition

WASHINGTON, DC – Global Financial Integrity (GFI) expressed skepticism today that the settlement reached between the United States government and BNP Paribas SA would effectively punish the company for its systematic subversion of U.S. sanctions over a decade-long period or effectively deter similar conduct in the future. U.S. Attorney General Eric Holder announced late on Monday that “between 2004 and 2012, BNP engaged in a complex and pervasive scheme to illegally move billions through the U.S. financial system on behalf of sanctioned entities” in Sudan, Iran, and Cuba, going “to elaborate lengths to conceal...

On Monday, U.S. authorities are set to announce a massive $8.9 million fine on the French bank BNP Paribas. The fine is part of a deal under which the bank will pay for allegedly breaching U.S. sanctions with Iran, Sudan, and Cuba and handling $30 billion in transactions from those nations. Fines like this, even