With the record fine levied on BNP Paribas for evading sanctions, the US authorities have unleashed a powerful weapon to deter international banks from trying to break the rules, but there is a risk it could undermine the US financial system if it is overused.
As part of the $8.97bn -settlement that the US -justice department announced on Monday evening, parts of BNP Paribas’s operations will be barred for a year from conducting US dollar transactions – the first time a large international bank has suffered such a penalty for evading sanctions.
The punishment goes to the heart of why US sanctions have become so controversial among banks, because they allow the authorities to police business arrangements that do not involve Americans.
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