A US court sentenced the French company BNP Paribas to a record fine and imposed other penalties for helping foreign countries sanctioned to process transactions through the US financial system in violation of US federal laws, the New York Attorney’s Office announced in a statement.

WASHINGTON (Sputnik) — BNP Paribas pleaded guilty in 2014 for conspiring to violate the International Emergency Economic Powers Act and the Trading with the Enemy Act by processing more than $8 billion through the US financial system on behalf of Sudanese, Iranian and Cuban entities subject to US economic sanctions.

Bharra explained that that BNPP did so “deliberately and secretly, in ways designed to evade detection by the US authorities.”

According to the statement, BNPP’s sentencing is the first time a major financial institution has been convicted and sentenced for violating US economic sanctions.

“BNPP, the world's fourth largest bank, has now been sentenced to pay a record penalty of almost $9 billion for sanctions violations that unlawfully opened the US financial markets to Sudan, Iran and Cuba,” US Attorney for the Southern District of New York Preet Bharara said in the statement.

The French company was also sentenced to five-year probation in the United States.

By Sputnik News