Barclays To Pay $298M Over US Sanctions Violations

Law360, New York (August 16, 2010, 2:00 PM EDT) -- British banking giant Barclays PLC has agreed to pay $298 million to settle criminal charges by the U.S. Department of Justice that it facilitated transactions for banks in Cuba, Iran and other countries in violation of U.S. sanctions.

On Monday, the government filed charges in the U.S. District Court for the District of Columbia accusing Barclays of violating the International Emergency Economic Powers Act and Trading With The Enemy Act, along with a deferred prosecution agreement outlining the settlement.

Barclays “accepts and acknowledges responsibility for its...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.