The Swiss banking behemoth, based in Zurich, agreed to the forfeiture in connection with violations of the International Emergency Economic Powers Act and New York state law, alleged to have occurred between 1995 and 2006, the U.S. Justice Department said in a release.
Federal prosecutors alleged in a one-count criminal information filed in U.S. District Court in Washington that Credit Suisse illegally conducted million of dollars in transactions on behalf of customers in Iran and other countries like Sudan, Myanmar, Libya and Cuba. Credit Suisse accepted responsibility for the criminal count and entered into an agreement to settle related civil allegations.
"One of this administration's top priorities is to employ our resources aggressively to hold accountable those who engage in financial misconduct," Attorney General Eric Holder said. "Credit Suisse's decades-long scheme to flout the rules that govern our financial institutions robbed our system of the legitimacy that is fundamental to its success. Today's announcement sends a strong message that we will not let this type of conduct stand."
Copyright 2009 by United Press International.
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