Barclays will face more sanctions after a report surfaced that the bank is “likely to” engage in “illegal” offshore activities that may result on sanctions.
The U.K. Financial Conduct Authority (FCA) on Tuesday ordered Barclays to pay a $1.6 billion fine and pay $1 billion in restitution to settle charges that it provided “improper and/or misleading information” to the FCA, Reuters reported.
The agency said Barclays “came up with a variety of scenarios” that could have caused the bank to engage in illegal activities, including the bank failing to register as a money services business as required under the U.S. Foreign Corrupt Practices Act (FCPA).
“The findings of the FCA show that Barclays did not intend to act lawfully and acted unlawfully, in breach of its fiduciary duties to the U,S.
and U.N. and its obligations under the FCPA,” the FCAC said in a statement.
The bank will also pay $600 million to the International Consortium of Investigative Journalists (ICIJ), which is working to identify the banks that helped facilitate the financing of the 2015 Paris terror attacks, according to Reuters.
The CFTC on Tuesday also ordered Barclays and UBS to pay $3 billion to settle allegations that they were involved in “unlawful” money laundering, according the Associated Press.