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Lloyds pays up over broken sanctions

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Lloyds pays up over broken sanctions


The giant British bank Lloyds TSB is to pay more than a quarter of a billion euros for breaking sanctions against countries like Iran, Libya and Sudan.

Lloyds agreed to pay US authorities 260 million euros after being accused of faking records so clients from places under sanctions could have access to the American banking system. The actions violated the International Emergency Economic Powers Act, which allows Washington to block commerce with countries deemed a threat to the United States. The US Justice Department said it agreed to accept the money to drop the investigation.
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