Even though Dutch bank ING Bank Nv agreed last week to forfeit a record $619 million for improperly helping Iranians and Cubans evade sanctions by pumping billions of dollars through the U.S. financial system, individual bankers have so far escaped prosecution.
This lack has fueled charges that U.S. and local enforcers would rather collect fines than punish individual executives, and that doing so can weaken sanctions enforcement. Authorities, however, say proving wrongdoing by individuals in such cases is harder than it seems.
“It seems like the only people the government wants to prosecute are low-level drug dealers who structure cash deposits at banks. They go to jail,” said retired Drug Enforcement Administration agent Bob Mazur. “But institutions that commit massive crimes to move billions of dollars simply pay fines. Maybe this is considered by the government to be too lucrative a revenue stream to worry about putting people behind bars.”…
ING has taken disciplinary action including terminations and forced early retirement against more than 60 employees involved in the sanctions violations, ING spokeswoman Carolien van der Giessen said in an emailed statement. She declined to provide names or other information about those who were disciplined and declined to comment regarding calls for the prosecution of ING employees.
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