| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

Home 
 
 News
 Irish
 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 International
 Property
 Innovation
 
 Analysis/Comment
 
 Asia Economy

RSS FEED


How to use our RSS feed

 
Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.

Welcome

Finfacts is Ireland's leading business information site and you are in its business news section.

Links

Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax - Income/Corporate

Global News

Bloomberg News

CNN Money

Cnet Tech News

Newspapers

Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News

 

Feedback

 

Content Management by interactivetools.com.

News : International Last Updated: Aug 18, 2010 - 7:08:19 AM


UK bank Barclays says it falsified documents to facilitate circumvention of US trade sanctions
By Finfacts Team
Aug 17, 2010 - 6:02:59 AM

Email this article
 Printer friendly page

UK bank Barclays said in a federal court filing on Monday that staff falsified documents to facilitate circumvention of US trade sanctions.

The bank agreed to pay $298m to US authorities to settle investigations relating to payments that the bank facilitated to countries facing government sanctions, including  Cuba, Libya, Iran, Sudan and Burma.

The filing said Barclays "accepts and acknowledges responsibility for its conduct and that of its employees." US officials said the bank altered payment messages or deleted information about sanctioned countries. In other cases, Barclays returned payments out of fear they would be discovered by US officials, sending fax cover sheets that said: "Payments to U.S.A. must NOT contain the word listed below." Prosecutors said payments often were re-sent after the reference to the sanctioned country was omitted.

Prosecutors also said that in an internal manual, Barclays included instructions for processing payments to the US from foreign banks to avoid detection. Payments going to the New York branch were filtered before they left Britain to prevent "the seizure of funds in the USA," according to an employee email cited in a federal-court filing.

In one email referenced by prosecutors, an employee wrote about how to avoid detection: "A good example is Cuba which the US says we shouldn't do business with but we do."

The Obama Administration is currently beefing up its sanctions regime against Iran and last May, ABN Amro agreed a $500m fine to settle claims that it helped Iran, Libya, Sudan and Cuba evade US sanctions by "stripping" the identities of transactions to conceal the countries from which they originated. Last December, Credit Suisse paid $536m for sanctions busting and in early 2009, a subsidiary of the UK's Lloyds Banking Group paid $350m also relating to circumvention of sanctions.

This week, Stuart Levey, the Under Secretary for Terrorism and Financial Intelligence within the United States Department of the Treasury, is visiting is financial centres in Lebanon, Bahrain and the United Arab Emirates - - all three countries host subsidiaries of Iranian banks - - to win support or warn of the penalties for defying US sanctions against Iran.

Levey said in the Financial Times on Monday that the latest round of measures also sharpens the focus on another sector that is a critical lifeline for Iran’s proliferation and evasion: shipping. He said some of Iran’s most dangerous cargo continues to come and go from Iran’s ports, "so we must redouble our vigilance over both their domestic shipping lines, and attempts to use third-country shippers and freight forwarders for illicit cargo."

Related Articles
403 Forbidden

Forbidden

Execute access is denied.


© Copyright 2010 by Finfacts.com

Top of Page

International
Latest Headlines
Wednesday Newspaper Review - Irish Business News and International Stories - - August 27, 2014
Tuesday Newspaper Review - Irish Business News and International Stories - - August 26, 2014
Wednesday Newspaper Review - Irish Business News and International Stories - - August 20, 2014
Tuesday Newspaper Review - Irish Business News and International Stories - - August 19, 2014
Monday Newspaper Review - Irish Business News and International Stories - - August 18, 2014
Friday Newspaper Review - Irish Business News and International Stories - - August 15, 2014
Thursday Newspaper Review - Irish Business News and International Stories - - August 14, 2014
Wednesday Newspaper Review - Irish Business News and International Stories - - August 13, 2014
Tuesday Newspaper Review - Irish Business News and International Stories - - August 12, 2014
Monday Newspaper Review - Irish Business News and International Stories - - August 11, 2014
Friday Newspaper Review - Irish Business News and International Stories - - August 08, 2014
Thursday Newspaper Review - Irish Business News and International Stories - - August 07, 2014
Thursday Newspaper Review - Irish Business News and International Stories - - July 31, 2014
Wednesday Newspaper Review - Irish Business News and International Stories - - July 30, 2014
Tuesday Newspaper Review - Irish Business News and International Stories - - July 29, 2014
Monday Newspaper Review - Irish Business News and International Stories - - July 28, 2014
Friday Newspaper Review - Irish Business News and International Stories - - July 25, 2014
Wednesday Newspaper Review - Irish Business News and International Stories - - July 23, 2014
Tuesday Newspaper Review - Irish Business News and International Stories - - July 22, 2014
Monday Newspaper Review - Irish Business News and International Stories - - July 21, 2014
Friday Newspaper Review - Irish Business News and International Stories - - July 18, 2014
Thursday Newspaper Review - Irish Business News and International Stories - - July 17, 2014
Wednesday Newspaper Review - Irish Business News and International Stories - - July 16, 2014
Tuesday Newspaper Review - Irish Business News and International Stories - - July 15, 2014
Monday Newspaper Review - Irish Business News and International Stories - - July 14, 2014
Friday Newspaper Review - Irish Business News and International Stories - - July 11, 2014
Thursday Newspaper Review - Irish Business News and International Stories - - July 10, 2014
Wednesday Newspaper Review - Irish Business News and International Stories - - July 09, 2014
Tuesday Newspaper Review - Irish Business News and International Stories - - July 08, 2014
Monday Newspaper Review - Irish Business News and International Stories - - July 07, 2014
Friday Newspaper Review - Irish Business News and International Stories - - July 04, 2014
Wednesday Newspaper Review - Irish Business News and International Stories - - July 02, 2014
Markets: BNP Paribas admits crimes in US court; UK manufacturing was robust in June
Tuesday Newspaper Review - Irish Business News and International Stories - - July 01, 2014
Friday Newspaper Review - Irish Business News and International Stories - - June 28, 2014
Thursday Newspaper Review - Irish Business News and International Stories - - June 26, 2014
Wednesday Newspaper Review - Irish Business News and International Stories - - June 25, 2014
Tuesday Newspaper Review - Irish Business News and International Stories - - June 24, 2014
Monday Newspaper Review - Irish Business News and International Stories - - June 23, 2014
Friday Newspaper Review - Irish Business News and International Stories - - June 20, 2014