$ 298 million paid by Barclays Bank because of sanctions violations

When it comes to power the within the world, the United States has a lot of it. The U.S. also had a considerable amount of say when it came to charges against England’s Barclays Bank because that U.S. has quite a bit of financial control in the world as well. Sanctions were made from the U.S. to Cuba, Iran, Libya, Sudan and Burma which were allegedly broken by Barclays between March 1995 and September 2006, reports the Washington Post. The New York branch cleared through Barclays over $ 500 million that went to all of the nations that are enemies to the U.S.. As outlined by Reuters, a $ 298 million settlement to U.S. criminal charges was agreed to be paid by Barclays Bank already because this happened.

Prosecutors believe Barclays was trying to conceal the truth

Barclays documents filed in the U.S. omitted the names of banks in those sanctioned countries. To make the connection to the other countries obscure, payments went through internal accounts. Jennifer Calvery, chief of the U.S. Justice Department’s asset forfeiture and money-laundering division, explained that Barclays was in trouble for violation of the International Emergency Economic Powers Act and for trading with the enemy.

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

Some transactions disclosed from Barclays

Barclays Bank decided it was better to just cooperate and give U.S. government investigators all the documents related to the case. The company has not done so as yet, at least not totally. $ 149 million will be given to the U.S. government right away while the last $ 149 million is given later for the $ 298 million settlement.

Americans violate human rights within the very same 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 is not the only one who has made this mistake. Making things happen their way is what the United States is known for. As The Decemberists’ song “Sixteen Military Wives” puts it,

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