Barclays pays £190m to settle US sanctions case

BARCLAYS Bank has agreed to pay $298m (£190m) to settle criminal charges that it violated US sanctions in dealings with Cuba, Iran, Libya, Sudan and Myanmar, according to US court documents filed yesterday.

The bank was charged with violating the International Emergency Economic Powers Act and the Trading with the Enemy Act in its dealings involving $500m from 1995 until September 2006, according to the documents.

Barclays and US prosecutors entered into a deferred prosecution agreement that lasts 24 months. A federal judge still must approve the agreement.

Barclays voluntarily disclosed some of the prohibited transactions to US authorities and agreed to cooperate fully, according to the documents filed in Washington.