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Barclays Bank comes to an agreement with US authorities

Barclays Bank has come to an agreement with the US authorities in relation to accusations that the company "facilitated financial payments for parties and countries facing US sanctions". In total Barclays Bank has agreed to pay $298 million to the US Justice Department and the New York County District Attorney's Office. This is an agreement which had been very much forecast by the company as Barclays Bank earlier this month put aside $302 million in potential settlement of the dispute.

Court papers which have made it into the public arena allege that Barclays Bank was involved in paying funds to Cuba, Iran, Libya, Sudan and Burma during an 11 year period which ended in September 2006. Even though the company has agreed to an out-of-court settlement with the US authorities it has also accepted responsibility for the alleged conduct.

There is no doubt that the US, and indeed worldwide authorities, are coming down harder and harder on companies who deal with "blacklisted" countries, companies and individuals. Money-laundering has become a major issue since 9/11 and the regulations continue to tighten as terrorists, criminals and various rogue states around the world look for further funding for their activities.

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