BANK OF TOKYO AGREES EXTRA $315 MILLION SETTLEMENT FOR US SANCTIONS VIOLATIONS

On 18 November 2014, the Bank of Tokyo Mitsubishi UFJ (BTMU) agreed to pay a $315 million penalty and sanction two employees for misleading regulators over its transactions with Iran, Myanmar and Sudan in violation of US sanctions. The penalty comes in addition to a $250 million fine already levied on BTMU in 2013 for the sanctions violations themselves.

BTMU employees were accused by US authorities of pressuring a consultant, PricewaterhouseCoopers, to alter the content of a report it produced on wire transfers performed by the bank on behalf of sanctioned companies and entities.

 

This entry was posted in USA by Maya Lester QC. Bookmark the permalink.

About Maya Lester QC

Maya Lester QC has a wide ranging practice in public law, European law, competition law, international law, human rights & civil liberties. She has a particular expertise in sanctions. As the most recent (2016) Chambers & Partners directory put it, she "owns the world of sanctions". She spent 2011-12 in New York at Columbia Law School lecturing and writing on sanctions. She represents and advises hundreds of companies and individuals before the European and English courts and has acted in most of the leading cases, including Kadi, Tay Za, Central Bank of Iran, NITC and IRISL.

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