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Saturday 21st of August 2010

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August 17, 2010

Barclays settles US sanction busting charges

by Gill Montia

Story link: Barclays settles US sanction busting charges

Barclays has agreed to pay $298 million (£190 million) to settle sanction busting charges in the US, having undertaken financial transactions with banks in Cuba, Iran, Libya, Sudan and Myanmar, between 1995 and September 2006.

According to US court documents, the bank voluntarily disclosed some of the transactions and has co-operated fully with investigations.

The settlement, which has yet to receive formal approval, comprises $149 million to be paid to the US government and $149 million in a deferred prosecution agreement with the district attorney in New York.

Earlier this month, the Financial Services Authority fined members of the Royal Bank of Scotland Group £5.6 million for not having systems and controls in place to prevent breaches of UK financial sanctions.

UK firms are required to maintain procedures that ensure they do not provide financial services to persons on the HM Treasury sanctions list.

However, between December 2007 and December 2008, RBS failed to adequately screen both their customers and the payments they made and received, against the list.


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