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Barclays pays $298 million to settle criminal case

By Ben Rooney, staff reporter


NEW YORK (CNNMoney.com) -- Barclays Bank agreed Monday to pay $298 million to settle criminal charges the U.K.-based bank facilitated financial transactions with clients in countries facing U.S. sanctions.

Regulators charged that Barclays transferred about $500 million between 2000 and 2006 to banks and other customers in countries facing U.S. sanctions, including Cuba, Sudan, Iran, Burma and Libya.

Barclays allegedly covered up the transactions by hiding the names of sanctioned entities on payment messages, rerouting payments through internal accounts or reformatting payment records that identified the source of the payments.

Under the deferred prosecution agreement, Barclays has accepted responsibility for violating New York State law by falsifying the records of New York financial institutions. The agreement is pending approval by a federal judge.

Barclays will pay $149 million to the Manhattan District Attorney's office and $149 million to the U.S. Justice Department, court documents showed.

A Barclays (BCS) spokesperson said that because the matter was pending before the court, the company would have no further comment.  To top of page

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