Economics
BNP Paribas Pleads Guilty in U.S. to Violating Sanctions
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BNP Paribas SA pleaded guilty in Manhattan federal court to violating U.S. sanctions after agreeing last week to pay a record $8.97 billion to resolve state and federal probes that reached the highest echelons of French and American diplomacy.
BNP, France’s largest bank, admitted it violated the International Emergency Economic Powers Act and the Trading with the Enemy Act by processing almost $9 billion in banned transactions from 2004 to 2012 involving Sudan, Iran and Cuba. U.S. District Judge Lorna Schofield in Manhattan, accepted the plea entered today by Georges Dirani, the company’s top lawyer. She set the bank’s sentencing for Oct. 3.