Tags: Barclays | Sanctions | Case

Court Documents: Barclays to Pay $298 Million in Sanctions Case

Monday, 16 Aug 2010 01:09 PM

Barclays Bank PLC has agreed to pay $298 million to settle criminal charges that it violated U.S. sanctions in dealings with Cuba, Iran, Libya, Sudan and Myanmar, according to U.S. court documents filed on Monday.

The London-based bank was charged with violating the International Emergency Economic Powers Act and the Trading with the Enemy Act in its dealings involving $500 million from 1995 until September 2006, according to the documents.

Barclays and U.S. prosecutors entered into a deferred prosecution agreement that lasts 24 months. A federal judge still must approve the agreement.

Barclays voluntarily disclosed some of the prohibited transactions to U.S. authorities and agreed to cooperate fully, according to the documents filed in federal court in Washington.

Barclays has acknowledged responsibility for its actions, according to the documents.

Barclays has agreed to pay $149 million to the U.S. government and a separate $149 million in a deferred prosecution agreement with the district attorney in New York, according to the documents.

© 2017 Thomson/Reuters. All rights reserved.

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Barclays Bank PLC has agreed to pay $298 million to settle criminal charges that it violated U.S. sanctions in dealings with Cuba, Iran, Libya, Sudan and Myanmar, according to U.S. court documents filed on Monday. The London-based bank was charged with violating the...
Barclays,Sanctions,Case
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2010-09-16
 

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