The United States holds major sway on the world stage. International finance is certainly an area where the nation has some power, which is why charges were brought against England’s Barclays Bank so effortlessly. The Washington Post reports that federal prosecutors accused Barclays of violating U.S. sanctions against Cuba, Iran, Libya, Sudan and Burma for more than a decade, from March 1995 to September 2006. Banks within the enemy nations received more than $ 500 million from Barclays which had to be cleared through the New York branch. Barclays basically admitted to the crime considering a settlement for the criminal charges was agreed to for $ 298 million, reports Reuters.
Barclays hiding the truth, says prosecutors
The banks which were sanctioned in other countries weren’t named in the Barclays documents. 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.
The U.S. sanctions against countries started for Sudan and Burma in 1997, Iran in 1995, Libya in 1986 and Cuba has had it since Kennedy.
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 documents have not been given to the U.S. completely. $ 149 million can be given to the U.S. government right away when the last $ 149 million is given later for the $ 298 million settlement.
Doing it like Americans violating human rights
The past has shown Cuba, Iran, Libya, Sudan and Burma all having human rights violations against them in history. Barclays Bank should have known better than to make an effort to support U.S. enemies through their branches on U.S. soil, yet Barclays’ infraction is not likely unique among foreign businesses that operate in America. 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
