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Barclays pays £190m fine for violating US sanctions

Payments facilitated to US-sanctioned countries such as Cuba and Iran leave Barclays with large fine

Barclays Bank will pay a sum of $298m (£190m) to US authorities to settle investigations concerning the payments it facilitated to countries which were under US economic and trade sanctions.

US prosecutors revealed on Monday that Barclays had facilitated payments for Cuba, Iran, Libya, Sudan and Burma among others, between 1995 and 2006, thereby violating the International Emergency Economic Powers and the Trading with the Enemy Acts.

Court documents note authorities stating that Barclays had "knowingly and willfully facilitated US dollar transactions" for a number of parties and countries that were under sanction by the US Treasury.

Barclays has fully accepted the charges, but is yet to offer a comment.

The bank claimed to have set aside £194m for settlements in the US investigations, when it announced its first-half results, earlier this month.

Barclays is the latest European bank to come under fire for facilitating transactions for countries under US sanctions. It follows the UK's Lloyds Banking Group and Swiss banker Credit Suisse, who paid $350m and $536 respectively in settlements last year.