Tags: US | Bank | Fraud

Bank Agrees to Forfeit $500 Million to US

Monday, 10 May 2010 04:06 PM


The Justice Department says the former ABN Amro Bank N.V. has agreed to forfeit $500 million for facilitating the movement of illegal funds through the U.S. financial system.

The government charged in federal court Monday that the financial institution — now named the Royal Bank of Scotland N.V. — assisted countries and entities that were under economic sanctions in evading U.S. laws.

Court papers say the bank engaged in a conspiracy to defraud the United States.

The department says the bank will be under a deferred prosecution agreement. The government will recommend dismissal of the charge in one year if the bank cooperates.

In 2005, ABN Amro paid penalties in the case to various regulatory bodies and to the board of governors of the Federal Reserve System.

© Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Around the Web

Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
Zip Code:
Privacy: We never share your email.

You May Also Like
Around the Web
Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

© Newsmax Media, Inc.
All Rights Reserved