JPMorgan violates US sanctions

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bern
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JPMorgan violates US sanctions

JPMorgan Chase has agreed to pay $88.3 million to settle potential civil liability for apparent violations of a wide range of U.S. sanctions, the U.S. Treasury department announced Thursday.

This will be the largest settlement ever paid for sanctions violations by a U.S. financial institution, according to Treasury officials.
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Among the sanctions apparently broken by JPMorgan [JPM 35.72 -0.11 (-0.31%) ] are weapons of mass destruction proliferation rules as well as sanctions against Cuba, Iran, Sudan and the former Liberian regime of Charles Taylor.
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In a second incident in December of 2009, Treasury said JPMorgan made a loan valued at approximately $2.9 million “to the bank issuer of a letter of credit in which the underlying transaction involved a vessel” affiliated with the Islamic Republic of Iran Shipping Lines. Treasury says that shipper has conducted a large number of weapons of mass destruction transfers in the past, and is blocked under the Weapons of Mass Destruction Proliferators Sanctions.
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Treasury also revealed several other apparent sanctions violations by JPMorgan, which it deemed as less serious than the “egregious” activities.

Those include, Treasury says:
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An apparent violation of the ITR consisting of a May 24, 2006 transfer of 32,000 ounces of gold bullion valued at approximately $20,560,000 to the benefit of a bank in Iran. JPMorgan did not voluntarily self-disclose this matter to OFAC.
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More:  http://www.cnbc.com/id/44276107

JPM can burn in the heat of a thousand suns as far as I'm concerned.

Edited by admin on 11/08/2014 - 06:04

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UGrev
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how much money did they make

how much money did they make in doing this? that's what I want to know. The punishment for crap like this should the double the sum total of any profits they made + a standard fine.

Nick Elway
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JP Morgan funded Bolshevik, Panama, Mexico, China revolutions

Wall Street and World Revolution
Wall Street bankers fund revolution in Panama, China, Mexico, and Russia

http://modernhistoryproject.org/mhp?Article=BolshevikRev&C=4.0

For JP Morgan, running the world is a tradition...

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Paladex
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Nice to see that none of this

Nice to see that none of this has any impact on their share price.

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Nick Elway
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The Plot Against FDR and the White House Putsch

General Smedley Butler recruited by Wall Street (including Morgan) to lead a 1934 coup on FDR.  He blew the whistle instead.

http://en.wikipedia.org/wiki/Business_Plot

Link to a document with the suppressed testimony:

http://coat.ncf.ca/our_magazine/links/53/spivak-NewMasses.pdf

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