ING Bank (USA) Guilty of Breaking IRAN Sanctions | Monte Friesner Financial News |
FROM THE - JOURNALS of Monte Friesner - Senior Advocate & Consulaire for WANTED SA ~
Contributed by Kenneth Rijock
Wednesday June 13, 2012 ~
SHOULD ING BANK LOSE ITS US LICENSE? |
I am totally disgusted with the latest OFAC settlement; $619m fine levied against ING bank, clearly their biggest yet, for the most egregious sanctions violations seen in a long time. Look at what the bank admitted to doing:
(1) Omitting references to Cuba in payment messages sent to US financial institutions.
(2) Creating and providing fraudulent bank endorsement stamps, for use by Cuban financial institutions.
(3) Use of corporate entities to obscure the identities of sanctioned clients.
Frankly, the fine is insufficient; why haven't any of those bloody bank officers who committed these violations been arrested?
Finally, the only punishment that bankers will understand is the revocation of a US bank license; anything else is not a sufficient deterrent. Helping Iran to evade sanctions, and probably facilitate its WMD and ballistic missile programmes, through purchasing of equipment and supplies; helping all the sanctioned jurisdictions make purchases ? Let the punishment fit the crime; take away something meaningful, Mr. Regulator, please. Not another financial slap on the wrist. That is the cost of doing business.
your public servants at OFAC
Shut down their New York offices for five years.
WANTED SA kindly thanks US Treasury, Kenneth Rijock, AFP, Reuters, BBC, Associated Press, DEA, FBI, Westlaw, Arutz Sheva, and all the Parties, Press, Journalists, Law Enforcement and Securities forces who have contributed to the many articles and their sincere opinions and statements.
WANTED SA states that the facts and opinions stated in this article are those of the author and not those of WANTED SA. We do not warrant the accuracy of any of the facts and opinions stated in this article nor do we endorse them or accept any form of responsibility for the articles.
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