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News Link • Corruption

The US Bank That Made BNP's Epic Money-Laundering Possible Is...


Because when you help a foreign bank violate U.S. sanctions as French bank BNP did when it hid billions of dollars in transactions involving Sudan and Cuba and yet you somehow completely slip through the fingers of the US Department of Justice (sic), it can only be "unwittingly."

Recall that "BNP Paribas, France's largest bank, agreed June 30 to plead guilty to processing almost $9 billion in banned transactions involving Sudan, Iran and Cuba from 2004 to 2012. The company, which will pay a record $8.97 billion in penalties, will also be temporarily barred from handling some U.S. dollar transactions." But certainly not all.

But how did JPM end up in the, yes yes unwitting, position of helping the biggest money laundering operation since HSBC decided to fund terrorist organizations around the world?

BNP Paribas turned to JPMorgan on the basis of legal advice from Cleary Gottlieb Steen & Hamilton LLP, said two people who asked not be named because the identities of the bank and the law firm haven't been disclosed.

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