Credit Suisse Deferred Prosecution Agreement 2009

The application of open prosecution agreements is a continuation of a trend toward u.S. regulations, both in terms of economic sanctions/export controls and in other contexts. In particular, the doJ agreement provides that the DoJ may sue Credit Suisse and its parent company, related companies and successors if it is established that Credit Suisse knowingly and deliberately transmits or authorizes the transfer of funds to or by parties to terrorism and the proliferation of weapons or OFAC, in violation of U.S. law or at the sole discretion of the United States, in the event of a deliberate and substantial violation of the agreement. The us$268 million in the United States and US$268 million in the Attorney`s Office in the New York Department of Attorney`s District will settle claims for recovery from the Department of Justice and the State of New York, as well as civil claims from OFAC related to the misconduct. In light of the Bank`s corrective measures to date and its willingness to acknowledge responsibility for its actions, the Department will recommend that the information be rejected in two years, provided credit Suisse cooperates fully with and complies with the terms of the agreement. A number of non-U.S. companies in a wide range of industries, including banks, insurers, reinsurers and various oil and gas producers and suppliers, have voluntarily left the Iranian market (and other U.S.-sanctioned countries) in recent years, in some cases after being reviewed by OFAC, DoJ and/or U.S. banking regulators. The U.S. government`s focus on the application of the extraterritorial provisions of the U.S. Law Against Non-U.S.

Law. Companies that limit their activities abroad with sanctioned countries are a trend that should continue. For example, the U.S. government has focused on Iran, which contains legislative proposals that were overwhelmingly passed by the House of Representatives on December 15, 2009, the Iran Refined Petroleum Sanctions Act of 2009 (H.R. 2194), which contains a provision — under Section 3(a) (2) — to limit non-U.S. states. insurance or reinsurance services for the transportation, supply or supply of refined petroleum products to Iran. OFAC officials are working, on the basis of efforts at the United Nations and the European Union, to develop multilateral strategies so that the US and foreign authorities voluntarily decide not to do business with certain countries subject to the US embargo, such as Iran, or institutions and organizations involved in supporting terrorism, the proliferation of weapons of mass destruction or drug trafficking. It is also necessary to anticipate the strengthening of multilateral cooperation in investigation and implementation. On Thursday of last week, sources familiar with the discussions said the bank had reached an agreement in principle with prosecutors and accepted a fine of about $2 billion, including $100 million to the U.S. Federal Reserve and a $200 million loan for the SEC report in February for related activities. Manhattan banks, which process most dollar payments worldwide, use sophisticated computer systems, commonly known as “OFAC filters,” to prevent sanctioned companies, terrorists, money launderers and other criminals from accessing the United States.

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