Post by karl on Jan 10, 2009 14:00:43 GMT -7
Lloyd of London, a most historic and respected firm of International Insurance.
www.lloyds.com/
Provision of security in a world of Risk, committed to Corporate Responsibility.
For as of following, a situation was to surface of irregulairity in business that Lloyd was involved in. And in-as-so, complied with responsibility expected as of others.
Of an example of importance that Lloyd of London is most favoured of.
You have taken upon your self, the responsibility of delivery of a large turbine powered heavy commercial aircraft for foreign delivery. So what measures you must take for protection of your assets, against a loss incurred in the happenstance, of loss of this large expensive aircraft? Of course, the firm most able to provide complete coverage, {Lloyd of London}.
URL: www.welt.de/english-news/article3003466/Lloyds-to-
pay-350-million-in-U-S-sanctions-case.html
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Lloyds TSB
Lloyds to pay $350 million in U.S. sanctions case
10.January 2009, 13:23
Lloyds TSB Group Plc has agreed to forfeit $350 million to U.S. authorities in connection with charges it faked records so clients from Iran, Sudan and elsewhere could do business with the U.S. banking system. The actions violated the International Emergency Economic Powers Act, which allows the U.S. president to block commerce with countries deemed a threat to the U.S.
London-based bank Lloyds TSB is set to pay a $350 million fine after being accused of faking records
The U.S. Justice Department and Manhattan District Attorney said on Friday the London-based Lloyds had agreed to the forfeiture to settle charges stemming from the investigation.
"Lloyds’ criminal conduct was designed to assist its clients in avoiding detection by filters employed by U.S. banks because of United States economic sanctions against Iran, Sudan and Libya,“ said a fact sheet on a deferred prosecution agreement between the government and Lloyds that was filed in U.S. District Court in Washington, D.C.
Bank Medici placed under state supervision
More banks reveal exposure to Madoff scandal Lloyds said it had set aside 180 million pounds last year to cover a possible settlement in the U.S. case and it "does not anticipate any further enforcement actions.“
The U.S. Justice Department said that, from 1995 to 2007, Lloyds’ offices in Britain and Dubai removed information such as customer names, bank names and addresses so wire transfers would not be flagged and blocked as improper by U.S. financial institutions.
"This process of ’repairing’ or ’stripping’ ... allowed more than $350 million in transactions to be processed by U.S. correspondent banks that might have otherwise been blocked or rejected,“ the department said in a statement.
Most of that was money sent from overseas and into the United States, said Matthew Friedrich, acting assistant attorney general for the criminal division.
The stripping allowed about $300 million to be sent between the United States and Libya, about $21 million between the United States and Sudan and about $20 million between Libya and the United States without scrutiny to ensure it was legal.
Friedrich said he did not know who received the funds in the United States, but added the agreement required Lloyds to provide any information it had on the source of the money.
Lloyds TSB bank London U.S.A. sanctions fine Justice Department Asked if terrorists had received stripped funds, Friedrich said: "The point is we don’t know and that’s the entire purpose of that information being required in the first place.“
Lloyds had disclosed settlement talks in interim results for the first half of 2008.
"We are committed to running our business with the highest levels of integrity and regulatory compliance across all of our operations and have undertaken a range of significant steps to further enhance our compliance
Karl
www.lloyds.com/
Provision of security in a world of Risk, committed to Corporate Responsibility.
For as of following, a situation was to surface of irregulairity in business that Lloyd was involved in. And in-as-so, complied with responsibility expected as of others.
Of an example of importance that Lloyd of London is most favoured of.
You have taken upon your self, the responsibility of delivery of a large turbine powered heavy commercial aircraft for foreign delivery. So what measures you must take for protection of your assets, against a loss incurred in the happenstance, of loss of this large expensive aircraft? Of course, the firm most able to provide complete coverage, {Lloyd of London}.
URL: www.welt.de/english-news/article3003466/Lloyds-to-
pay-350-million-in-U-S-sanctions-case.html
Artikel-Link als SMS versenden
Thanks for your comment. It will appear below the article shortly.
The article has been sent to null.
Lloyds TSB
Lloyds to pay $350 million in U.S. sanctions case
10.January 2009, 13:23
Lloyds TSB Group Plc has agreed to forfeit $350 million to U.S. authorities in connection with charges it faked records so clients from Iran, Sudan and elsewhere could do business with the U.S. banking system. The actions violated the International Emergency Economic Powers Act, which allows the U.S. president to block commerce with countries deemed a threat to the U.S.
London-based bank Lloyds TSB is set to pay a $350 million fine after being accused of faking records
The U.S. Justice Department and Manhattan District Attorney said on Friday the London-based Lloyds had agreed to the forfeiture to settle charges stemming from the investigation.
"Lloyds’ criminal conduct was designed to assist its clients in avoiding detection by filters employed by U.S. banks because of United States economic sanctions against Iran, Sudan and Libya,“ said a fact sheet on a deferred prosecution agreement between the government and Lloyds that was filed in U.S. District Court in Washington, D.C.
Bank Medici placed under state supervision
More banks reveal exposure to Madoff scandal Lloyds said it had set aside 180 million pounds last year to cover a possible settlement in the U.S. case and it "does not anticipate any further enforcement actions.“
The U.S. Justice Department said that, from 1995 to 2007, Lloyds’ offices in Britain and Dubai removed information such as customer names, bank names and addresses so wire transfers would not be flagged and blocked as improper by U.S. financial institutions.
"This process of ’repairing’ or ’stripping’ ... allowed more than $350 million in transactions to be processed by U.S. correspondent banks that might have otherwise been blocked or rejected,“ the department said in a statement.
Most of that was money sent from overseas and into the United States, said Matthew Friedrich, acting assistant attorney general for the criminal division.
The stripping allowed about $300 million to be sent between the United States and Libya, about $21 million between the United States and Sudan and about $20 million between Libya and the United States without scrutiny to ensure it was legal.
Friedrich said he did not know who received the funds in the United States, but added the agreement required Lloyds to provide any information it had on the source of the money.
Lloyds TSB bank London U.S.A. sanctions fine Justice Department Asked if terrorists had received stripped funds, Friedrich said: "The point is we don’t know and that’s the entire purpose of that information being required in the first place.“
Lloyds had disclosed settlement talks in interim results for the first half of 2008.
"We are committed to running our business with the highest levels of integrity and regulatory compliance across all of our operations and have undertaken a range of significant steps to further enhance our compliance
Karl
