Pressure growing on Franch to protect BNP Paribas

French Flags

The French are crying foul.

Bloomberg News reports that a potential $10bn U.S. penalty against BNP Paribas for its alleged dealings with Iran and other sanctioned nations, is stirring outrage in the country. It is putting pressure on President Francois Hollande, who hosts Barack Obama this week to mark the 70th anniversary of D-Day, to protect the bank from the American onslaught.

Le Monde in its May 31 edition called the possible fine a 'masterful slap'. Le Figaro newspaper said the U.S. was making an example of BNP to deflect criticism it had been 'lenient with the American banks responsible for the financial crisis'. Hollande may raise the matter with Obama this week, Les Echos reported, without citing anyone.

U.S. authorities are seeking to impose the fine to settle allegations that BNP transferred funds for clients in violation of sanctions against Sudan, Iran, and Cuba, according to people familiar with the investigation. The fine could be the largest criminal penalty in the U.S., eclipsing BP’s $4bn accord with the Justice Department last year.

To access the complete Bloomberg article hit the link below:

BNP Fine Stirs French Anger, Pressuring Hollande to Act

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