French Finance Minister Sees Progress Towards ‘more Equitable’ U.S. Fine For BNP Paribas
France’s finance minister said on Sunday that talks between BNP Paribas and U.S. authorities over a potential fine for the bank for breaching U.S. sanctions had progressed towards a “more equitable” level. U.S. authorities – five of them in all, including the New York financial regulator – are investigating whether BNP evaded U.S. sanctions against Iran and other countries between 2002 and 2009. BNP may have to pay a fine of about $10 billion and face other penalties such as being suspended from clearing clients’ dollar transactions, sources close to the situation have said. The French government has said such a fine would be “disproportionate.”
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