Manhattan D.A. Strikes Gold in BARCLAYS Investigation

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The Manhattan District Attorney’s Office released a deferred prosecution agreement between the D. A.’s office and Barclays PLC. The agreement is conditional upon approval by a federal judge of a similar agreement between the U.S. Dept. of Justice and Barclays.
On background, this agreement concludes a joint investigation into the criminal conduct of BARCLAYS PLC (BARCLAYS), a United Kingdom bank, and will result in the payment of $298 million in penalties and forfeiture to resolve the joint investigation.  In this agreement, BARCLAYS admits to violating New York State law by falsifying the records of New York financial institutions.  The scheme enabled BARCLAYS’ Cuban, Sudanese, Iranian, Burmese, Libyan and other sanctioned clients to access the U.S. financial system in violation of U.S. sanctions.   From 2000 through the end of 2006, BARCLAYS transferred approximately $500 million in violation of U.S. sanctions by deceiving U.S. banks into processing illegal wire payments. Half of these funds, $149 million, will go to the U.S.; half of these funds, $149 million, will be paid to the Manhattan DA’s Office, and per state law divided equally between the City and State.

The Manhattan District Attorney’s Office released a deferred prosecution agreement between the D. A.’s office and Barclays PLC. The agreement is conditional upon approval by a federal judge of a similar agreement between the U.S. Dept. of Justice and Barclays. On background, this agreement concludes a joint investigation into the criminal conduct of BARCLAYS PLC (BARCLAYS), a United Kingdom bank, and will result in the payment of $298 million in penalties and forfeiture to resolve the joint investigation.  In this agreement, BARCLAYS admits to violating New York State law by falsifying the records of New York financial institutions.  The scheme enabled BARCLAYS’ Cuban, Sudanese, Iranian, Burmese, Libyan and other sanctioned clients to access the U.S. financial system in violation of U.S. sanctions.   From 2000 through the end of 2006, BARCLAYS transferred approximately $500 million in violation of U.S. sanctions by deceiving U.S. banks into processing illegal wire payments. Half of these funds, $149 million, will go to the U.S.; half of these funds, $149 million, will be paid to the Manhattan DA’s Office, and per state law divided equally between the City and State.