BNP Paribas will pay a huge price to settle charges it funneled more than $8.8 billion through the U.S. financial system on behalf of Sudan, Iran and Cuba while those countries are subject to U.S. economic sanctions.
U.S. Attorney General Eric Holder announced that BNP Paribas, in the largest sanctions case brought to date by the Justice Department, will pay total financial penalties of over $8.9 billion after the Paris-based bank entered a guilty plea in New York State Supreme Court Monday to falsifying business records and conspiring to falsify business records. As part of the plea deal, the New York State Department of Financial Services will be paid $2.25 billion from the overall penalty.
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