This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/news/business-28099694

The article has changed 8 times. There is an RSS feed of changes available.

Version 1 Version 2
BNP Paribas to pay $9bn to settle sanctions violations BNP Paribas to pay $9bn to settle sanctions violations
(35 minutes later)
France's largest bank BNP Paribas has agreed to a record $9bn (£5.1bn) settlement with US prosecutors over allegations of sanctions violations.France's largest bank BNP Paribas has agreed to a record $9bn (£5.1bn) settlement with US prosecutors over allegations of sanctions violations.
As part of the deal, the bank will plead guilty to two criminal charges of breaking US sanctions against trade with Sudan, Iran and Cuba.As part of the deal, the bank will plead guilty to two criminal charges of breaking US sanctions against trade with Sudan, Iran and Cuba.
It will also be prevented from clearing certain transactions in US dollars for one year from the start of 2015.It will also be prevented from clearing certain transactions in US dollars for one year from the start of 2015.
The settlement is the largest for such a case in US history.The settlement is the largest for such a case in US history.
"Between 2004 and 2012, BNP engaged in a complex and pervasive scheme to illegally move billions through the US financial system," said US Attorney General Eric Holder in a press conference."Between 2004 and 2012, BNP engaged in a complex and pervasive scheme to illegally move billions through the US financial system," said US Attorney General Eric Holder in a press conference.
In doing so, the bank "deliberately and repeatedly violated longstanding US sanctions", he said.In doing so, the bank "deliberately and repeatedly violated longstanding US sanctions", he said.
Mr Holder added that he hoped the settlement would serve as a warning to other banks. Mr Holder added that he hoped the settlement would serve as a warning to other firms that did business with the US that "illegal conduct will simply not be tolerated".
As part of its agreement with US authorities, BNP agreed to fire and not re-hire 13 individuals who were associated with the sanctions violations.As part of its agreement with US authorities, BNP agreed to fire and not re-hire 13 individuals who were associated with the sanctions violations.
'Unfair decision''Unfair decision'
France has been pressing the US over the size of the fine, which would almost wipe out BNP's entire 2013 pre-tax income of about 8.2bn euros (£6.7bn, $11.2bn).France has been pressing the US over the size of the fine, which would almost wipe out BNP's entire 2013 pre-tax income of about 8.2bn euros (£6.7bn, $11.2bn).
French Foreign Minister Laurent Fabius has previously said a fine of the size suggested would be "an extremely serious problem", an "unfair and unilateral decision" and "not reasonable".French Foreign Minister Laurent Fabius has previously said a fine of the size suggested would be "an extremely serious problem", an "unfair and unilateral decision" and "not reasonable".
In April, BNP Paribas said it had set aside $1.1bn to cover the cost of US penalties, but that the "amount of the fines could be far in excess of the amount of the provision".In April, BNP Paribas said it had set aside $1.1bn to cover the cost of US penalties, but that the "amount of the fines could be far in excess of the amount of the provision".
The settlement amount surpasses oil giant BP's $4bn agreement with the US Department of Justice in 2012.The settlement amount surpasses oil giant BP's $4bn agreement with the US Department of Justice in 2012.
US regulators have recently stepped up their actions against banks that violate laws against money laundering and tax evasion, amongst other violations.US regulators have recently stepped up their actions against banks that violate laws against money laundering and tax evasion, amongst other violations.
Earlier in May, Swiss bank Credit Suisse agreed to a $2.6bn penalty and admitted criminal wrongdoing in helping "tax cheats" avoid paying US taxes.Earlier in May, Swiss bank Credit Suisse agreed to a $2.6bn penalty and admitted criminal wrongdoing in helping "tax cheats" avoid paying US taxes.
And in 2012, UK-based bank Standard Chartered paid a total of $674m (£419m) to US regulators and authorities for illegally hiding transactions with Iran and other countries under US sanctions.And in 2012, UK-based bank Standard Chartered paid a total of $674m (£419m) to US regulators and authorities for illegally hiding transactions with Iran and other countries under US sanctions.
To date, the largest fine levied against a bank by US regulators for sanctions violations was the $1.9bn HSBC paid in 2012.To date, the largest fine levied against a bank by US regulators for sanctions violations was the $1.9bn HSBC paid in 2012.