Crédit Agricole Corporate and Investment Bank (CACIB), a corporate and investment bank owned by Crédit Agricole S.A. and headquartered in Paris, has agreed to forfeit $312 million and enter into a deferred prosecution agreement with the U.S. Attorney’s Office of the District of Columbia for CACIB’s violations of the International Emergency Economic Powers Act (IEEPA) and the Trading With the Enemy Act (TWEA). CACIB employs over 7,000 employees and has a presence in over 30 countries. The bank has also entered into settlement agreements with the Treasury Department’s Office of Foreign Assets Control (OFAC), the Board of Governors of the Federal Reserve System, the New York County District Attorney’s Office and the New York State Department of Financial Services (DFS). In total, CACIB will pay $787.3 million in criminal and civil financial penalties.
The announcement was made by U.S. Attorney Channing D. Phillips of the District of Columbia, Assistant Director Joseph S. Campbell of the FBI’s Criminal Investigative Division, Chief Richard Weber of the Internal Revenue Service-Criminal Investigation (IRS-CI) and District Attorney Cyrus R. Vance Jr. of New York County.
A one-count felony criminal information and a related civil forfeiture complaint were filed today in federal court in the District of Columbia charging CACIB with knowingly and willfully conspiring to defraud the United States and to commit violations of IEEPA and TWEA. CACIB has waived federal indictment, agreed to the filing of the information and civil forfeiture complaint, and has accepted responsibility for its criminal conduct and that of its employees.