- ‘Tis the Season: London florist creates $4.6 million Christmas wreath
- No tailgating allowed at Super Bowl XLVIII
- Pentagon to transport African troops to Central African Republic
- Chinese man fed up with his girlfriend’s shopping jumps to his death
- Ukraine leader to talk with protesters; Washington urges caution
- Pope Francis: A nun saved my life
- Israeli P.M. Netanyahu backs out of Mandela funeral
- Elian Gonzalez makes first trip outside Cuba since custody battle
- U.S., British intelligence agents enter online sci-fi world to spy on gamers
- Sarah Palin to host the outdoors show ‘Amazing America’
ING agrees to forfeit $619 million
Bank illegally moved billions for Cuban and Iranian entities
Amsterdam-based ING Bank N.V. agreed Tuesday to forfeit $619 million to the Justice Department and the New York County District Attorney´s Office for conspiring to illegally move billions of dollars through the U.S. financial system on behalf of sanctioned Cuban and Iranian entities.
It is the largest ever forfeiture against a bank in connection with an investigation into U.S. sanctions violations.
Assistant Attorney General Lisa Monaco, who heads the Justice Department's National Security Division, said the bank “knowingly and willfully” conspired to violate the International Emergency Economic Powers Act (IEEPA), the Trading With the Enemy Act (TWEA) and New York state laws.
According to a criminal information filed in U.S. District Court in Washington, ING Bank waived a federal indictment, agreed to the filing of the information and accepted responsibility for its criminal conduct and that of its employees.
The bank agreed to forfeit $619 million as part of the deferred prosecution agreements reached with federal and New York prosecutors.
Court documents show that beginning in the early 1990s and continuing until 2007, ING Bank moved more than $2 billion illegally through the U.S. financial system – via more than 20,000 transactions – on behalf of Cuban and Iranian entities subject to U.S. economic sanctions. The records said the bank’s actions caused unaffiliated U.S. financial institutions to process transactions that otherwise should have been rejected, blocked or stopped.
Ms. Monaco said the agreement underscored the national security implications of ING Bank´s criminal conduct.
“For more than a decade, ING Bank helped provide state sponsors of terror and other sanctioned entities with access to the U.S. financial system, allowing them to move billions of dollars through U.S. banks for illicit purchases and other activities,” she said. “I applaud the agents, analysts and prosecutors who for years pursued this case.”
According to court records, ING Bank committed its criminal conduct by, among other things, processing payments for its Cuban banking operations through its branch in Curacao on behalf of Cuban customers without reference to the payments´ origin, and by providing U.S. dollar trade finance services to sanctioned entities through misleading payment messages, shell companies and the misuse of its internal accounts.
The records show that the bank also eliminated payment data that would have revealed the involvement of sanctioned countries and entities, including Cuba and Iran; advised sanctioned clients on how to conceal their involvement in U.S. dollar transactions; fabricated bank endorsement stamps for two Cuban banks to fraudulently process U.S. dollar travelers´ checks; and threatened to punish certain employees if they failed to take specified steps to remove references to sanctioned entities in payment messages.
They also show that this conduct occurred in various business units in the bank´s wholesale division and in locations around the world with the “knowledge, approval and encouragement of senior corporate managers and legal and compliance departments.”
ING Bank forfeited $309.5 million to the United States and $309.5 million to the New York County District Attorney’s Office.
© Copyright 2013 The Washington Times, LLC. Click here for reprint permission.
About the Author
Jerry Seper is the investigative editor for The Washington Times.
- With bombs away, drug traffickers and illegal immigrants make their play
- Medical-device company exec admits to bilking shareholders of $400M
- Justice Dept: Florida's disabled children unnecessarily put in nursing facilities
- Man gets 11 years in Philadelphia mob crackdown
- Eric Holder asks for respect from protesters of George Zimmerman verdict
Latest Blog Entries
By Tom Fitton
- Chinese man fed up with his girlfriend's shopping jumps to his death
- MILLER: Brady Campaign says Colorado recalls due to NRA, not grassroots opposition to gun control
- CURL: Obama tells a whopper on IRS scandal
- MSNBC host: Obamacare a 'wealthy white men' racist word
- Ted Cruz sees legal landmines ahead for Obamacare
- WOLF: The president's other Obamacare lies
- Lawmakers see 'false narrative' of Obama as a terrorist fighter
- Obama lied about Syrian chemical attack, 'cherry-picked' intelligence: report
- Satanists petition for statue at Oklahoma Statehouse
- Israeli P.M. Benjamin Netanyahu backs out of Nelson Mandela funeral
Independent voices from the The Washington Times Communities
Richard Ivory, editor-in-chief of Hip Hop Republicans and HHR at Communities Digital News, turns his interests, and pen, to the people making news today.
Find the latest news and happening that effect those in the Washington D.C., Northern Virginia and Maryland Metro region.
The world impacts us. What happens in our towns, cities, states, country and on this planet makes a difference to us.
Happiness is attainable. Morning to night. I love to teach, deal with folks that have an issue and really wish to tackle it and write.
White House pets gone wild!
Let it snow