prasad1
Active member
As the world's reserve currency, the dollar gives Washington a powerful influence over global financial markets -- a point underlined again this week when a record fine was levelled against France's leading bank.
French banking giant BNP Paribas has agreed to pay $8.9 billion (6.5 billion euros) to US authorities for violating sanctions against Iran, Sudan and other countries even though the transactions were not illegal under French or European law.
It fell foul of US rules because the exchanges were carried out in dollars, and the huge penalty has sent shockwaves across Europe where other major banks such as Credit Agricole, Deutsche Bank and UniCredit fear they could be next in the cross-hairs of the US authorities.
French banking giant BNP Paribas has agreed to pay $8.9 billion (6.5 billion euros) to US authorities for violating sanctions against Iran, Sudan and other countries even though the transactions were not illegal under French or European law.
It fell foul of US rules because the exchanges were carried out in dollars, and the huge penalty has sent shockwaves across Europe where other major banks such as Credit Agricole, Deutsche Bank and UniCredit fear they could be next in the cross-hairs of the US authorities.
