19:29 GMT +3 hours01 May 2016
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Logo of French banking group Credit Agricole's Corporate and Investment Bank in La Defense District near Paris

Washington Forces France to Pay $800Mln for Violation of US Sanctions

© AFP 2016/ ERIC PIERMONT
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French bank Credit Agricole was accused by Washington of dealing with countries under US embargo and processing financial transactions for Sudan, Cuba and Iran through the United States. Several bank employees responsible for the transactions have already been fired, media reported.

The bank agreed to pay $800 million in fines for the illegal financial transactions carried out in the period from 2003 to 2008 on the territory of the United States, AFP reported, referring to a source familiar with the situation.

According to previous estimations, the bank had to pay US $900 million, but the amount was reduced through the course of negotiations.

The agreement may be announced this week, the source said. The bank is expected to fully recognize its guilt in violating US laws which would help it to avoid any prosecution. According to the source, some of the bankers responsible for the offense have already been dismissed.

Last year, French bank BNP Paribas agreed to pay $8.97 billion fine for violation of the sanctions regime against Cuba, Sudan and Iran.

The difference in the amount of the fines arises from the fact that the financial transactions carried out by Credit Agricole were smaller and that the bank agreed to cooperate with the authorities in a quicker manner.

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Tags:
fine, bank, violation, sanctions, United States, France
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  • sophm0e38
    The world's policeman strikes again, more money for the American coffers.
  • kalvinbkr
    The world needs a break from the hegemonic bum.
  • tobi.gelando
    The politician's in France have no brains. If you have friends like the USA you need no enemy's !
    The USA behave like a school teacher, the teacher can do what he like's "spying on Europe Prime Ministers, Industry People etc. etc. but the mafia state think there can punish other country's with there rule's . Witch there not care et all about.
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