Caribbean News Now!

About Us Contact Us


Jump to your country or territory of interest

Advertise with us

Reach our daily visitors from around the Caribbean and throughout the world. Click here for rates and placements.


Submit news and opinion for publication


Click here to receive our daily regional news headlines by email.


Click here to browse our extensive archives going back to 2004

Also, for the convenience of our readers and the online community generally, we have reproduced the complete Caribbean Net News archives from 2004 to 2010 here.

Climate Change Watch

The Caribbean is especially vulnerable to rising sea levels brought about by global warming. Read the latest news and information here...

Follow Caribbean News Now on Twitter
Connect with Caribbean News Now on Linkedin

News from the Caribbean:

Back To Today's News

Guilty plea by French bank for Cuba sanctions evasion may be the tip of an iceberg
Published on July 14, 2014 Email To Friend    Print Version

By Caribbean News Now contributor

NEW YORK, USA -- A plea agreement in Manhattan federal court last week requiring French bank BNP Paribas (BNP), a global financial institution headquartered in Paris, to forfeit more than $8.8 billion and to pay a criminal fine of $140 million for its role in processing billions of dollars of US dollar transactions through the US financial system on behalf of Cuban and other entities subject to US economic sanctions may be just the tip of the iceberg.

According to a US government source with knowledge of the matter, the US, in concert with its “Five-Eyes” allies – Britain, Canada, Australia and New Zealand – intends to expand its enforcement of suspected abuse of the global banking system to crack down on not just sanctions evasion and terrorism financing but also a wide range of financial crimes.

In particular, regional banks that facilitate fraud, theft and money laundering using correspondent banks in the US will now become the objects of increased scrutiny and punitive action by American authorities.

Money laundering and the evasion of sanctions by international banks are by no means new allegations. Prior to BNP’s settlement, a string of banks – including HSBC, Credit Suisse, Barclays and Standard Chartered – admitted they had engaged in similar illegal transactions on behalf of Cuba, Iran, Libya, Sudan and other countries or sanctioned entities within those countries.

And it is not just US federal courts that are assuming jurisdiction over international financial crimes and related disputes. In 2012, the Appellate Division of the Supreme Court of New York stated in a majority opinion that "New York has a compelling interest in adjudicating controversies that implicate its preeminent position in the international banking system.”

In recent years, banks in the Cayman Islands and The Bahamas, along with several other Caribbean countries, have had a demonstrable involvement in as yet unresolved thefts and fraud using US correspondent banks to move US dollars.

These banks may soon find themselves subject to the same scrutiny and significant financial penalties as BNP.
Reads: 4446

Click here to receive daily news headlines from Caribbean News Now!



No comments on this topic yet. Be the first one to submit a comment.


As a result of our comments feature being overtaken in recent weeks by spammers using fake email addresses, producing a large number of bounced verification emails each day, we have reluctantly decided to suspend the comments section until further notice.

User comments posted on this website are the sole views and opinions of the comment author and are not representative of Caribbean News Now or its staff. Caribbean News Now accepts no liability and will not be held accountable for user comments.
Caribbean News Now reserves the right to remove, edit or censor any comments. Any content that is considered unsuitable, unlawful or offensive, includes personal details, advertises or promotes products, services or websites or repeats previous comments will not be approved.
Before posting, please refer to our Terms of Use and Privacy Policy.

Other Headlines:

Regional Sports: