Law360, New York (June 14, 2012, 8:22 PM ET) -- The National Bank of Abu Dhabi agreed Thursday to pay $855,000 to the U.S. Treasury Department to settle allegations that the bank routed $4.3 million in funds through the U.S. to Sudan, violating American sanctions on the African country.
The Treasury's Office of Foreign Assets Control said the bank had admitted that certain NBAD employees removed references to Sudan in 45 transactions made with American banks, meaning money secretly flowed from the U.S. to the bank's Sudan branch from November 2004 to December 2005.
But the...
UAE Bank Settles With Treasury Over $4M Routed To Sudan
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