US authorities under attack regarding Barclays Bank fine
Federal prosecutors in the US are today under attack because of an agreement with Barclays Bank regarding so-called "covert transactions" with third parties on the US banned list. It is not the fact that the federal prosecutors have pressed ahead with the case against Barclays Bank but the fine, in the region of $300 million, is less than the $350 million which Lloyds Bank was fined last year for similar offences.
It has been revealed that over the period in question Barclays Bank processed more than $500 million of transactions for these so-called "banned parties" which resulted in the case against the company. Many believe that the situation in the US has been compromised in the short-term after the Federal prosecutors agreed to an out-of-court settlement with the UK banking giant. The very fact that Barclays Bank has also admitted guilt for the transfer of these "covert funds" is in the eyes of many rubbing salt into the wound.
It is unclear how Barclays Bank managed to become involved in over $500 million of so-called covert transactions at a time when all banks were well aware that the authorities were looking very closely at this particular area with regards to money laundering, etc.
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