BNP Paribas will pay 9 billion dollars to USA

03.07.2014

Management of the French bank BNP Paribas announced about the agreement reached with US Department of Justice and Office of the Attorney for the South District of New York as to the charges arising from the opened investigation against the bank. In particular, bank is charged with the cooperation with persons, who were citizens and residents of the countries, regarding which sanctions were in place. Bank worked with residents of Sudan, Iran and Cuba in 2004-2012.

Besides the confession BNP Paribas agreed to pay 8,97 billion dollars (6,6 billion euro), including additiona; 5,8 billion euro, that were supposed to be paid in the second quarter of 2014. Also, BNP Paribas will suspend for one year activity of some offices in different location of USA, especially the ones, that work in “Oil & Gas Commodity Finance”. The suspension will be in place until the 1^st of January, 2015.

Source: http://www.bnpparibas.com/en/news/press-release/bnp-paribas-announces-comprehensive-settlement-regarding-review-certain-usd-trans

Expert’s opinion

USA authorities do fine famous big banks and they do it good. For the last 2 years big fees to the American authorities paid such British banks as Barclays Plc, Standard Charter Plc and HSBC, Swiss UBS и Credit Suisse, Dutch Rabobank. Now it is France and French BNP Paribas turn. Bank confessed and agreed to pay into USA moneybox an incredible amount of money, so there is nothing really to comment on. It is worth mentioning, that USA authorities has found a great income for their economy. Obviously, BNP Paribas is not the last bank caught by Americans. The same investigations by USA authorities are started against French banks Credit Agricole and Societe General. German Commerzbank AG и UniCredit are also under pressure. Let’s see, how USA desire to fill its state moneybox with 10 billions dollars will end.

Alexandra Mihno ( Lawyer, Honest&Bright)