Paying a billion-dollar fine for violating Iran sanctions
Italy's UniCredit and Germany's HypoFreibank were forced to pay a fine of $1.3 billion to the Federal Reserve for circumventing Iran sanctions. The two banks have agreed to pay the fines.
The United States has shown in recent months that it is persistent and decisive when it comes to penalties for circumventing sanctions on Iran and other countries. This is the assessment of the German news agency regarding the imposition of fines on two Italian and German banks.
On Monday, April 15, the German news agency published a report from Washington and New York, announcing the imposition of a fine on the large Italian financial company "UniCredit".
According to the decision of the American authorities, the Italian financial company UniCredit and its German affiliate, Hypoferreinsbank, have been forced to pay a fine of 1.3 billion dollars. The reason for the fine is stated to be the violation of sanctions against Iran and other countries.
Agreement with the Federal Reserve
The German news agency reported in its report that the officials of this large Italian financial institution agreed to pay the fine in the aforementioned amount.
The US Treasury Department has confirmed that UniCredit and HypoFreinenbank have reached a settlement, ending a legal dispute between the Federal Reserve and the large financial institution UniCredit.
The case of violation of economic sanctions against Iran by UniCredit mainly concerns financial transactions between the bank's German branch in Munich and financial institutions of the Islamic Republic of Iran.
UniCredit's German branch, operating under the name Hypoferreinsbank, is said to have been involved in financial transactions with Iran by transferring hundreds of millions of dollars of money from the US financial system. At the same time, it is said that the Islamic Republic of Iran has used this money to support terrorism and also to manufacture weapons of mass destruction.
A fine has been ordered in connection with the UniCredit financial case in a Manhattan court.
It is worth remembering that UniCredit of Italy acquired the German bank Hypoferreinsbank in 2005. William Sweeney, an FBI agent in New York, told reporters after the two banks were ordered to pay fines:
"This case is a very good example of how the belief that these financial institutions can circumvent sanctions and hide their financial activities from the eyes of the US financial system is nothing more than a misconception."
Source: DW
