Wednesday, August 18, 2010

Barclays Bank PLC Forfeiting 298 Million Dollars

Many of the recent corporate settlements with the government have focused on violations of the Foreign Corrupt Practices Act.  This one is somewhat unique in that the $298 Million Dollars being forfeited are for violations of the International Emergency Economic Powers Act (IEEPA) and the Trading with the Enemy Act (TWEA). A DOJ Press Releasestates that "[t]he violations relate to transactions Barclays illegally conducted on behalf of customers from Cuba, Iran, Sudan and other countries sanctioned in programs administered by the Office of Foreign Assets Control (OFAC)." The forfeiture was part of a deferred prosecution agreement with DOJ and the NY County District Attorney's Office. 

Barclay's press release notes that it "worked closely and constructively with the US Authorities."  They noted that "[t]he US Authorities have recognised Barclays substantial cooperation in the resolution." It sounds like 100,000 members of Barclay's staff will be going through training programs.

See also Mike Scarcella, BLT Blog, Judge Approves $298M Settlement Between DOJ, Barclays Bank; William McQuillen & Jesse Westbroook, Barclays Follows Citigroup With Court Rejection of U.S. Accord

(esp)

http://lawprofessors.typepad.com/whitecollarcrime_blog/2010/08/-barclays-bank-plc-forfeiting-298-million-dollars.html

Deferred Prosecution Agreements, International | Permalink

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