Barclays Bank will pay $298 million to settle criminal charges that it violated U.S. sanctions and New York laws by processing hundreds of millions of dollars in transactions from Cuba, Iran, Sudan and Myanmar. Barclays transferred $500 million in illegal payments through the U.S. financial system from the mid-1990s through 2006, state and federal prosecutors said.
Following instructions from bankers in Cuba, Iran, Libya, Sudan and Myanmar, Barclays withheld the countries' names when conducting transactions, and moved money through an internal account to hide the payments' origin.
Barclays, one of the largest banks in the world, reported a net income of more than $14 billion in 2009.
From Barclays Bank Settles for $298 Million by Jonathan Perlow, August 19, 2010, at Courthouse News Service.
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