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

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  • 1

    Ms. Alexander

    Wow, that's a lot of money!!

  • -10

    bookowls

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

  • -6

    saidani

    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

    Ms. Alexander

    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.

  • 5

    davestrousers

    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.

  • 3

    Disillusioned

    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?

  • 8

    sillygirl

    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

  • 11

    Badge213

    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.

  • 1

    Ch1n4Sailor

    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.

  • -5

    Tiger_In_The_Hermitage

    "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

    Tiger_In_The_Hermitage

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

  • -4

    flipper2

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

  • 8

    Saul Schimek

    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

  • -3

    JeffLee

    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.

  • 8

    Badge213

    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.

  • 0

    flipper2

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

  • 0

    Elbuda Mexicano

    Tokyo Mitsubishi UFJ !?? Stupid bastards!!

  • -1

    AkariYoshida

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

  • -1

    Herve Nmn L'Eisa

    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.

  • -2

    issa1

    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!!

  • 0

    Baibaikin

    “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.

  • 1

    House Atreides

    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.

  • 0

    Mocheake

    Sillygirl, you said it best!

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