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US imposes $ 8.5 million fine on French bank for violating sanctions against Syria

WorldUS imposes $ 8.5 million fine on French bank for violating sanctions against Syria

The US Department of Treasury said the bank allegedly conducted financial transactions through US-designated Syrian institutions, including transfers through the US financial system.

Washington: The US has fined the French bank $ 85 million for violating sanctions against Syria. The US Department of Finance said in a release issued here Monday that the Office of the Foreign Assets Control Office (OFAC) of the Department of the Treasury today announced the L’Union de Banques Arabes et Françaises, UBAF in France, which is based in West Asia, North Africa, Africa and Asia, has agreed to impose a fine of approximately $ 85 million for violating sanctions on Syria.

The department said the bank allegedly carried out financial transactions through US-designated Syrian institutions, including transfers through the US financial system.

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