Barclays traded with US 'enemies'

Laura Miller
clock • 1 min read

Barclays Bank violated US sanctions in dealings with Cuba, Iran, Libya, Sudan and Burma, court papers have revealed.

It is to pay $298m (£190m) to settle criminal charges that it breached the International Emergency Economic Powers Act and the Trading with the Enemy Act in dealings between 1995 and 2006, the BBC reports. Buried deep in its results published last week, the bank said it had set aside £194m to settle a US-led probe into payments made to countries or people on a sanctions list. In US court documents filed on Monday, Barclays agreed to pay a final settlement of $149m to the US government and a separate $149m in a deferred prosecution agreement with the district attorney in New York. ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

CII publishes vulnerability data guidance for firms

CII publishes vulnerability data guidance for firms

Consumer Duty and GDPR

Cameron Roberts
clock 19 June 2026 • 2 min read
Baillie Gifford rolls out Sharia-compliant fund amid 'strong' demand

Baillie Gifford rolls out Sharia-compliant fund amid 'strong' demand

Follows engagement with Islamic finance scholars

Sophia Panayi
clock 18 June 2026 • 2 min read
Charging deceased clients accidentally 'more common' than advice profession would like

Charging deceased clients accidentally 'more common' than advice profession would like

‘The fee outlives the service because the records do not talk to each other’

Sophia Panayi
clock 18 June 2026 • 4 min read