[Myanmar] Japan Bank To Pay $8.6M For Dealings With Burma

Japan’s Bank of Tokyo-Mitsubishi UFJ has reached an US $8.6 million settlement with the U.S. Department of the Treasury over a violation of US rules forbidding the transfer of money to nations such as Burma, Cuba and Iran. Bank spokesman Shinya Motsomoto said on Thursday that most of the money went from Japan to Sudan and Burma in 2006 and 2007 via a third nation. The bank reported the transfers in 2008 after an internal investigation began in 2007. It has since taken measures to prevent a recurrence. HSBC this week agreed to pay a record $1.9 billion to US authorities to settle a money laundering probe. —AP