THE JOURNAL OF EXPORT CONTROLS AND SANCTIONS

Issue 75, December 2018

Multinational bank settles charges for violating US sanctions law

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  By James A. Treanor, Cadwalader, Wickersham & Taft LLP www.cadwalader.com   A multinational bank agreed to pay approximately $1.3 billion in penalties for violating and attempting to conceal violations of US sanctions law from approximately 2003 to 2013. Société Générale S.A. (‘SocGen’) agreed to settle charges with federal and state prosecutors and regulators of engaging in prohibited activities with parties in sanctioned or embargoed countries, including Iran, Sudan, Cuba and Libya. SocGen entered into a three-year deferred prosecution agreement (‘DPA’)1 with the Southern District of New York (‘SDNY’) to settle charges of conspiring to violate United States sanctions against...

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