(Photo Credit: Reuters/Charles Platiau)
***CAF Note: Sanctions are what inspire people to build alternative platforms. Some of the smartest financial people in the world have just been given a year to help build systems that provide alternatives to using the US Treasury market. No wonder the US government is sitting on top of Greenwald, trying to slow down the next round of Snowden revelations.***
By Joseph Ax, Aruna Viswanatha and Maya Nikolaeva
French bank BNP Paribas BNPP.PA has pleaded guilty to two criminal charges and agreed to pay almost $9 billion to resolve accusations it violated U.S. sanctions against Sudan, Cuba and Iran, a severe punishment aimed at sending a clear message to other financial institutions around the world.
The guilty plea is the direct consequence of a broader U.S. Justice Department shift in strategy that is expected to try to snare more major banks for possible money laundering or sanctions violations.
