Barclays stumps up $298 million after evading sanctions

NEW YORK – Barclays bank has agreed to pay $298 million to settle criminal charges brought by US and New York prosecutors.

Barclays had been accused of hiding payments into the US that had arrived from countries under economic sanctions.

For an 11-year period between 1995 and 2006, Barclays employees concealed transactions coming from Iran, Cuba, Libya, Burma and Sudan.

Barclays was accused of following instructions from banks in sanctioned states not to mention their names in US dollar payment

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