crime

Bank of Tokyo-Mitsubishi UFJ fined $8.6 mil for flouting U.S. sanctions

23 Comments

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23 Comments
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Wow, that's a lot of money!!

1 ( +2 / -1 )

Fined by who? Since when does the USA think it has the right to say how Japanese banks do their business?

-10 ( +7 / -17 )

Since when does the USA think it has the right to say how Japanese banks do their business?

Don't you know? The US is the world's policeman which means they are the deciders. Don't play their game and you can't do business in America. And since oil is traded in USDs , history shows that any deviation from this system results in fines, sanctions, and invasion (sorry Libya, Iraq, Iran). The US calls this "soft power." "Extortion," "terrorism," and "hegemony" are terms others around the world use.

-6 ( +9 / -15 )

bookowls - I initially thought the same thing. Maybe they have to abide by state-side rules if they have banks in the states and if the state-side branches were violating the rules.

6 ( +9 / -3 )

Same thing has been happening to a number of banks. Accusing HSBC etc. of similar things - dealing with "rogue nations" . Of course they all have to pay up or face having their licenses revoked in the US. The average person isn't going to have much sympathy for big banks though.

5 ( +6 / -1 )

So, should we conclude these funds were sent to unscrupulous extremist groups throughout the middle-east and the funds have been used to support anti-US sentiments in the region?

3 ( +4 / -1 )

hey you people who think that japan can do what they like in the US and that the US is using undue power. CAN OTHER COUNTRIES DO WHAT THEY LIKE IN JAPAN???? i think not. you wanna play with the other kids you have to follow the rules. sheeesh

8 ( +9 / -1 )

Fined by who? Since when does the USA think it has the right to say how Japanese banks do their business?

Maybe you should actually read the article beyond the headlines. The bank funneled the money through it's US (New York Branch) and through other US based bank branches in the US, thus subject to US laws.

11 ( +12 / -1 )

Fined by who? Since when does the USA think it has the right to say how Japanese banks do their business?

You're absolutely right... But you're missing one big piece of information, If they want to do business in the U.S (which is the biggest Financial market in the world, by far) So to answer your question, yes, Bank of M Tokyo can just tell the U.S. to buzz off, but then they would lose the right to do business in the U.S. Pretty Simple.

1 ( +4 / -3 )

"Mitsubishi UFJ has been fined $8.6 million by the U.S. Department of the Treasury" This is what the Communist did in Shanghai when they took over China, they confiscated the HSBC building. The American government has learnt from history and robbing banks its a great way to get rich.

-5 ( +1 / -6 )

The US is bullying everyone on earth! Their law is the law and other countries law is just rubbish.

-5 ( +3 / -8 )

Lets support Terrorists then lets Sanction them. Make up your mind.

-4 ( +0 / -4 )

sigh if the Transfer is made through a U.S. Branch, it is subject to U.S. Law. Same would apply if a U.S. bank made a illegal transaction in japan within Japan's Territory. Now stop wittering on

8 ( +8 / -0 )

Japan's FSA has fined and reprimanded foreign institutions over the years, unfairly too, according to some accusations.

HSBC of the UK was recently hit by a 1.9 BILLION fine by the US authorities, so it's not like the Japanese are being unfairly targeted.

-3 ( +2 / -5 )

The US is bullying everyone on earth! Their law is the law and other countries law is just rubbish.

And if you actually read the article, they were fined because they funneled money through their USA based branches.

If you visit another country or do something in another country you are subject to the laws of that country.

8 ( +9 / -1 )

J will feel victimized by this no doubt, now they learn to respect the international community!

0 ( +2 / -2 )

Tokyo Mitsubishi UFJ !?? Stupid bastards!!

0 ( +0 / -0 )

Just remember the bank is not necessarily reflecting the views of the country

-1 ( +1 / -2 )

Monetary bullying is still bullying. But US will gradually lose power as more nations trade oil directly and bypass the petro-dollar as is already occurring.

-1 ( +1 / -2 )

Humm... Let me see :

Tokyo-Mitsubishi UFJ = $8.6 million

Mitsui - Sumitomo = $5.3 million

Toshiba = $87 million

Toyota = $16.4 million

Yazaki Eletric = $470 million

Denso = $78 million

Furukawa = $200 million

Wow! Obama is determined to make a nest egg!!

-2 ( +1 / -3 )

“As a result of these practices, BTMU processed at least 97 funds transfers, with an aggregate value of approximately $5,898,943, through BTMU’s New York branch or other banks in the United States.”

If you want to do business in any country, you have to respect the laws of the land. There's no bullying involved here. I'd say that 'at least 97 funds transfers' was pretty good evidence of a flagrant disregard for US laws by the bank and possibly only the tip of the iceberg. Many financial institutions may consider a fine such as this as a cost of doing business abroad, but I would certainly disagree if I were a shareholder.

0 ( +1 / -1 )

Tokyo-Mitsubishi UFJ should be glad they weren't hit with a $1.9 billion fine like HSBC. It's no secret that the police tend to issue more tickets during hard times. The US government is no different. Look to see more fines of this sort as the US economy continues to stagnate.

1 ( +1 / -0 )

Sillygirl, you said it best!

0 ( +0 / -0 )

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