One of France’s biggest banks got caught shuffling money for three terrorist states. One of them was Cuba.
The Castro dynasty has many such shady deals all over the world, but their enablers don’t always get caught red-handed.
The amount of this fine indicates that BNP must have been moving lots of cash for Raul and Fidel Castro and their friends.
One positive aspect of this tip of the iceberg: someone in the U.S. government is enforcing sanctions.
From France 24:
The US is seeking more than €7.4 billion ($10 billion) to resolve a criminal probe into allegations that the French bank evaded US sanctions against Iran, Sudan and Cuba.
BNP Paribas– the largest publicly traded French bank – is seeking to pay less than $8 billion, the newspaper reported citing people familiar with the case.
Still, the multibillion dollar figure would put the fine among the largest penalties ever imposed on a bank and is far higher than what BNP has provisioned for.
A $10 billion settlement figure would represent a “hit” of around 5 percent to the bank’s tangible book value and result in a €5 per share impact on the fair value of BNP Paribas stock, Citigroup analysts said.
The US Justice Department and BNP are reportedly currently discussing whether the French banking giant, as part of its punishment, would be temporarily denied the right to transfer money into and out of the United States – a central part of any foreign bank’s business dealings in the US.
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