In which tax once again raises its head…2018/12/06
- 3 min
Economic sanctions: end of the Deferred Prosecution Agreements entered into with CACIB and U.S. authorities in 2015
Crédit Agricole Corporate and Investment Bank (CACIB) announces that the Deferred Prosecution Agreements (Agreements) CACIB entered into with the United States Attorney’s Office for the District of Columbia (USAO) and the District Attorney of the County of New York (DANY) in relation to U.S. economic sanctions compliance have come to an end.
In October 2015, CACIB entered into the Agreements with the USAO and DANY, which had been conducting investigations into certain U.S. dollar transactions CACIB processed between 2003 and 2008 that were subject to U.S. economic sanctions and certain New York state laws (see October 20, 2015, press release entitled "Crédit Agricole confirms that it has reached a settlement with U.S. and New York authorities").
CACIB fully complied with its obligations under the Agreements, which have now expired. On October 19, 2018, the United States District Court for the District of Columbia entered a final order dismissing with prejudice the Information that the USAO filed three years ago in connection with the Agreements. CACIB is pleased that the USAO and DANY have recognized the improvements CACIB has made to its sanctions compliance program. CACIB is committed to continuing to reinforce its internal procedures and controls regarding international sanctions laws.