Barclay's Settles With Justice For Illegal Transactions, Judge Blasts Agreement

The British Barclays Bank has agreed to forfeit US$298 million to the U.S. for sanctions violations, reports the U.S. Dept. of Justice.

The bank was found to have violated the International Emergency Economic Powers Act (IEEPA) and the Trading with the Enemy Act (TWEA) in transactions illegally conducted on behalf of customers from Cuba, Iran, Sudan and other countries sanctioned by the Office of Foreign Assets Control, said U.S. officials.

"Not just once, but numerous times...