Tags: Exclusive Interviews | MidPoint | Cecelia Berkowitz | punish | Paribas | banks

Former NYC Mayoral Candidate: French Bank's Fine Sufficient

By Courtney Coren   |   Monday, 14 Jul 2014 04:57 PM

The Justice Department has fined French bank BNP Paribas for completing transactions made with sanctioned countries, which is forbidden for banks who do business in the United States, and former New York City mayoral candidate Ceceilia Berkowitz says that will be enough to punish banks.

Banks are obligated "to obey the law of the countries you're in," Berkowitz told host Ed Berliner on "MidPoint" on Newsmax TV on Monday.

Story continues below video.


Note: Watch Newsmax TV now on DIRECTV Ch. 349 and DISH Ch. 223
Get Newsmax TV on your cable system – Click Here Now

Berkowitz says BNP Paribas should be held accountable for violating the U.S. sanctions by completing transactions for individuals in Iran, Sudan, and Cuba.

BNP Paribas reached an $8.97 billion settlement agreement with the Justice Department's criminal division on July 2 in a Manhattan federal court for conspiring to violate the International Economic Powers Act and the Trading with the Enemy Act.

More than $190 billion in transactions by individuals in the three sanctioned countries were completed by BNP Paribas from 2002 through 2012, and the bank allegedly tried to hide the names of those they were performing the transactions for.

"Are those fines enough to penalize the banks?" Berkowitz asked on "MidPoint."

"I think yes, it is."

© 2015 Newsmax. All rights reserved.

1Like our page
2Share
Newsmax-Tv
The Justice Department has fined French bank BNP Paribas for completing transactions made with sanctioned countries, which is forbidden for banks who do business in the United States, and former New York City mayoral candidate Cecelia Berkowitz says that will be enough to punish banks.
Cecelia Berkowitz, punish, Paribas, banks
260
2014-57-14
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved