BANGALORE: An Indian link emerged today in the biggest ever USD 8.97 billion financial settlement reached by French banking giant BNP Paribas with the US authorities for dealing with Iran and other sanction-hit countries.

Under the settlement reached with the US Department of Justice, Department of Treasury and the Federal Reserve among others, BNP Paribas agreed to plead guilty and pay USD 8.9 billion for illegally processing financial transactions for clients in countries subject to the US economic sanctions.

According to statements issued by various US authorities, BNP Paribas concealed over USD 190 billion worth transactions for clients in these countries, including Iran, Sudan and Cuba, with knowledge of multiple senior executives.

As per details released by the US Department of Justice about violations of Iran sanctions, the bank processed payments from 2006 to 2012 on behalf of an Iranian Controlled Company in connection with three letters of credit that facilitated the provision of liquefied petroleum gas (LPG) to an entity in Iraq.

"In June 2012, a BNP Paribas Paris compliance officer noted that this Iranian Controlled Company was sending payments from its account at BNPP Paris to its account at an Indian bank with 'known links to Iran'.

Also read: FIIs Pour In 32,000 Crore In Indian Equities And Debt

              Money Saving Ideas That Can Cost You More