Financial Transparency Coalition

WASHINGTON – US banks uncovered billions of dollars that they were indirectly holding for Libya when Washington decided to freeze assets linked to the regime, according to US officials.

Raymond Baker, director of Task Force member Global Financial Integrity, appeared on two separate TV channels/shows on Friday: CBS (CBS Evening News) and Bloomberg (InBusiness). Watch Mr. Baker discuss the assets of Libyan leader Muammar Qaddafi on Friday's CBS Evening News:

I read an article from The Wall Street Journal (WSJ) today detailing the settlement of charges by United States and New York prosecutors against UK-based Barclays PLC for accepting money from sanctioned countries. The bank was accused of concealing the origins of and then accepting money from Cuba, Libya, Iran and other sanctioned countries whose money may not legally enter the United States.

According to U.S. prosecutors, Barclays followed instructions from foreign banks to omit their names from payment messages. Barclays also routed certain payments through an internal account so they would appear to be coming from...

Yesterday, it was announced that Barclays PLC would pay the U.S. Government $298 million to settle a case charging the British bank with blatantly disregarding U.S. sanctions against countries such as Burma, Cuba, Iran, Libya, and Sudan. In doing so, the bank both accepted and acknowledged the charges made against it, and—according to the The Wall Street Journal—took full "responsibility for its conduct and that of its employees." The details of the case are fairly disturbing, highlighting a culture of complete disregard for U.S. regulations. The Journal reports:

U.S. officials said the bank altered payment messages or...