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.jpg "ABN AMRO bank to forfeit $500 mln for processing illegal money")
The U.S. Justice Department announced Monday that the former ABN AMRO Bank N.V. has agreed to forfeit $500 million in connection with a conspiracy to defraud the United States.
The department alleged that the bank, a Dutch corporation that was headquartered in Amsterdam, assisted countries and entities under U.S. sanctions and facilitated the movement of illegal money through the U.S. financial system.
Between 1995 and 2007, the former bank processed hundreds of millions of dollars of financial transactions for banks in Iran, Libya, the Sudan and Cuba--scrubbing and altering identifying information so the transactions would go undetected by U.S. banking filters, prosecutors said.
The department said the former ABN AMRO Bank has accepted responsibility for its conduct and will enter into a one-year deferred prosecution agreement, which means the bank won't be prosecuted if it abides by a set of agreed-upon terms. The former bank is now named the Royal Bank of Scotland N.V., which is a subsidiary of the Royal Bank of Scotland Group PLC (RBS), the department said. The U.K. bank is 83%-government owned.
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