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Mitsubishi Bank fined for flouting US sanctions

Published on Dec 13, 2012 10:51 AM
 
A woman comes out of a branch of Mitsubishi UFJ bank in Tokyo in this July 31, 2009 file photo. Mitsubishi UFJ, Japan's biggest bank, must pay US authorities a fine totaling some US$8.6 million (S$10.5 million) for flouting US sanctions on Iran, Sudan, Myanmar and Cuba, the US Treasury Department said on Wednesday. -- PHOTO: REUTERS

NEW YORK (AFP) - Mitsubishi UFJ, Japan's biggest bank, must pay US authorities a fine totaling some US$8.6 million (S$10.5 million) for flouting US sanctions on Iran, Sudan, Myanmar and Cuba, the US Treasury Department said on Wednesday.

Bank of Tokyo-Mitsubish-UFJ (BTMU) circumvented the sanctions between April 2006 and March 2007, Treasury said in a statement.

"BTMU's Tokyo operations engaged in practices designed to conceal the involvement of countries or persons subject to US sanctions in transactions that BTMU processed through financial institutions in the United States," the US government authority said in its statement.

Washington said the bank's "egregious" conduct "displayed reckless disregard for US sanctions".

 
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