Barclays fined $2.5 million for violating US economic sanctions on Zimbabwe

BARCLAYS Bank agreed to pay nearly $2.5 million to the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) in order to settle claims related to the violation of U.S. sanctions by processing transactions for government-backed entities in Zimbabwe.
 
According to the Treasury, Barclays processed 159 transactions totaling around $3.4 million from July 2008 to September 2013 to or through financial institutions in the U.S., including the company's New York branch, for corporate customers of Barclays Bank of Zimbabwe, which were majority-owned by people that are on U.S. sanctions lists.

The US imposed sanctions on the country in the early 2 000s mostly targeted at Zimbabwean politicians Washington accused of undermining democracy and human rights, and involved asset seizures and travel bans. Among those targeted were President Robert Mugabe and First Lady Grace.
 
But in Tuesday's statement, the US Treasury said Barclays Bank had been fined for processing transactions for sanctioned government entities, including parastatals.