BNP Paribas Close to Deal with US Authorities

BNP Paribas Close to Deal with US Authorities

Over the last few days the broad terms of a deal between the US financial authorities and French bank BNP Paribas over $30 billion of deals in violation of US sanctions against Sudan. The deal appears to include a range of punishments including the dismissal of bank staff who were said to be involved in the deals (most have gone already), admission of guilt (expected early next month), a short ban on trading US dollars and a fine of around $8bn-$9bn. The investigation has been ongoing for five years, and although the French Prime Minister has criticised the deal, the country’s finance minister says that a conclusion needs to be reached so that the bank can move on. Read the full story.