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French bank pays huge US fine for doing business in Cuba, Iran

RT | November 20, 2018

Societe Generale has agreed to pay $1.34 billion to US federal and state authorities to settle a pending legal dispute over violations of US trade sanctions against Iran and other countries.

One of France’s largest banks has also pledged to pay $95 million to resolve another dispute over violations of anti-money laundering regulations.

“We acknowledge and regret the shortcomings that were identified in these settlements, and have cooperated with the US authorities to resolve these matters,” the group CEO Frederic Oudea said in a statement.

“These resolutions, following on the heels of the resolution of other investigations earlier this year, allow the bank to close a chapter on our most important historical disputes.”

The bank, informally known as SocGen, reportedly violated the Trading with the Enemy Act by illegally transferring billions of dollars to partners registered or located in countries targeted by US embargos, including Iran, Sudan, Cuba and Libya.

The banking giant said the settlement wouldn’t have an extra impact on its results for the current financial year. SocGen had previously agreed to $1.3 billion (€1.14 billion) in the US and France to settle investigations over transactions with Libya, and over the suspected rigging of Libor, a benchmark rate tied to finance products and debts. Last year, the bank had paid €963 million ($1.1 billion) over another dispute with the Libyan Investment Authority.

According to the Manhattan US Attorney’s office, the latest fine imposed on SocGen is the second biggest financial penalty issued on a bank for breaching US sanctions. In 2015, French international banking group BNP Paribas agreed to pay $8.9 billion to settle a probe on sanctions violations.

November 20, 2018 - Posted by | Economics, Wars for Israel | , , , ,

2 Comments »

  1. Where does the ‘settlement’ money go in cases like these, where there are no ‘victims’?

    Comment by argonut | November 20, 2018 | Reply

    • Good question. It’s interesting that the World Banking system has swung in behind America’s “sanctions war” against selected countries for not joining in the ‘Bullying’ process. And, who runs the world Banking System???

      It’s also interesting that the MASSIVE volume of money generated by the World Drug Trade, which has to be directed to its destination recipients, through the World’s Banking system, apparently cannot be traced. No one knows where it ends up????? How very strange.

      Comment by Brian Harry, Australia | November 20, 2018 | Reply


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