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English whorehouse Lloyds TSB Bank settles out of court

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Larry Hammick

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Dec 23, 2009, 11:58:59 AM12/23/09
to

http://www.treas.gov/press/releases/tg458.htm

Notice in particular the involvement of Libya, and reflect on BP's
consistent practice of instructing the British cabinet and the British
judiciary to suck Muammar Gaddafi's cock on their behalf.

In full:

December 22, 2009
TG-458

U.S. Treasury Department Announces Settlement With Lloyds TSB Bank, PLC

Settlement Reached for Apparent Violations of Treasury Sanctions Regulations

WASHINGTON - The U.S. Department of the Treasury's Office of Foreign Assets
Control (OFAC) today announced a $217 million settlement with Lloyds TSB
Bank, plc (Lloyds), concerning the bank's intentional manipulation and
deletion of information about U.S. sanctioned parties in wire transfer
instructions routed through third-party banks located in the United States.
Lloyds previously entered into deferred prosecution agreements with the
Department of Justice and with the New York County District Attorney's
Office for the same pattern of conduct.
Lloyds' apparent violations of Treasury regulations arose out of policies
that began in the mid-1990s when, at the behest of and with the knowledge of
its Iranian bank customers, Lloyds developed a policy of intentionally
manipulating and deleting information about U.S. sanctioned parties in wire
transfer instructions. OFAC's analysis of Lloyds' transactions indicated
that, from June 2003 through August 2006, Lloyds routed at least 4,281
electronic funds transfers totaling nearly $37 million through third-party
banks located in the United States in apparent violation of the
International Emergency Economic Powers Act and OFAC regulations related to
Iran, Sudan, and Libya.
Lloyds ceased U.S. dollar (USD) clearing activities for Iranian bank
customers in 2003 and indicated that it has terminated the entire scope of
its alleged illegal activities. The bank has cooperated fully with OFAC.
The bank conducted an investigation of the conduct described above and
performed a transaction analysis of activity through USD correspondent
accounts held by Iranian and Sudanese banks for the period between 2002 and
2007. Results of this investigation were promptly provided to OFAC.
As part of its settlement with OFAC, for the next two years, Lloyds will
conduct annual reviews of the bank's policies, procedures, and a
statistically significant sampling of USD payments to determine whether any
payments subject to OFAC regulations are processed through, or on behalf of,
any U.S. individual or entity. The United Kingdom's Financial Services
Authority, Lloyds' primary regulator in the United Kingdom, will be involved
in developing the scope of, and approving an independent third party to
oversee, Lloyds' annual review.
Lloyds has agreed to settle the alleged violations of Treasury regulations
for $217 million. This obligation has been deemed satisfied by its prior
$350 million payment to the U.S. Department of Justice and the New York
County District Attorney's Office arising out of the same pattern of
conduct.
###


The Happy Hippy

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Dec 23, 2009, 2:10:18 PM12/23/09
to

"Larry Hammick" <larryh...@telus.net> wrote ...

I don't think you need to tell anyone in the UK how corrupt, crooked and
incompetent banks are, how regulatory oversight failed.

As to "whorehouse"; I doubt that Lloyds would be alone in having such a tag
attached. Some would say that's exactly what a bank should be.


> http://www.treas.gov/press/releases/tg458.htm
>
> Notice in particular the involvement of Libya, and reflect on BP's
> consistent practice of instructing the British cabinet and the British
> judiciary to suck Muammar Gaddafi's cock on their behalf.

No mention of "BP" at all in that report. No mention of "instructing the

British cabinet and the British judiciary to suck Muammar Gaddafi's cock on

their behalf". Perhaps you are referring to some other unsubstantiated
allegation or previously attempted character assassination ?

To be honest, it's quite ironic that the US is complaining about dodgy
practices. If it were to America's benefit I reckon we'd hear a lot less
complaint if any at all. But as it is, America - perhaps unusually - has
stood on a point of principle that the Libyan regime should not be dealt
with while everyone else has moved on, cut deals and turned things to their
own advantage. It really sounds like sour grapes.

Most economic sanctions were lifted against Libya in 2004. If the US was
reticent in taking advantage of that, left others to secure the juicy deals
then it only has itself and it's administration to blame for losing out.

As for your own motivation, it seems you are continuing your one man crusade
to have us all see Britain as having totally sold out and subservient to the
Middle East, Islam and Gaddafi in particular. If you cannot see the
difference between that and turning a blind eye or putting bygones behind
oneself to gain from something else then your analytical capabilities are in
serious doubt.

And why no mention of Credit Suisse, fined a record $536 million for similar
violations - That rather reveals your anti-UK, anti British government
agenda as your driving force does it not ?


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