$ 298 million paid by Barclays Bank because of sanctions violations

The United States holds major sway on the world stage. International finance is definitely an area where the nation has some power, which is why charges were brought against England’s Barclays Bank so very easily. The Washington Post reports that federal prosecutors accused Barclays of violating U.S. sanctions against Cuba, Iran, Libya, Sudan and Burma for more than a decade, from March 1995 to September 2006. The New York branch cleared through Barclays over $ 500 million that went to all of the nations that are enemies to the U.S.. Barclays basically admitted to the crime considering a settlement for the criminal charges was agreed to for $ 298 million, reports Reuters. Article source – Barclays Bank pays $ 298 million for sanctions violations by Personal Money Store.

Prosecutors think Barclays tried hiding what happened

The banks which were sanctioned in other countries weren’t named in the Barclays documents. An internal account was used for all of the payments made as the bank didn’t want to be connected to the other countries. Barclays is in all this trouble because they traded with the enemy and violated the International Emergency Economic Powers Act, according to chief of the U.S. Justice Department’s asset forfeiture and money-laundering division, Jennifer Calvery.

Cuba has had U.S. sanctions against them since Kennedy although the others came later like Libya in 1986, Iran in 1995, Sudan and Burma in 1997.

Some Barclays transactions disclosed

According to Reuters, all related documents are being given to the U.S. government investigators by Barclays Bank in cooperation. The documents haven’t been given to the U.S. completely. The settlement of $ 289 million is split into two payments of $ 149 million which can be distributed right away and then later.

Human rights violations and the American way

The past has shown Cuba, Iran, Libya, Sudan and Burma all having human rights violations against them in history. Supporting U.S. enemies through U.S. soul was a bad move for Barclays, although Barclays isn’t the only one who has made this mistake. The United States will fight to enforce its right-of-way. It is said by The Decemberists’ song “Sixteen Military Wives”,

Cheer them on to their rivals
Cause America can, and America can’t say no
And America does, if America says it’s so
It’s so!

Additional reading at these websites

Reuters

reuters.com/article/idUSTRE67F36J20100816?utm_source=feedburner and amp;utm_medium=feed and amp;utm_campaign=Feed%3A+reuters%2FtopNews+%28News+%2F+US+%2F+Top+News%29

Washington Post

washingtonpost.com/wp-dyn/content/article/2010/08/16/AR2010081602955.html

Barclays was previously fined £ 2.45 million ($ 3.8 million) for “poor reporting systems”

youtube.com/watch?v=zqsf3XswX4Q