AMERICAN HOSTAGES HELD BY IRAN IN 1979 TO GET SOME OF $9bn BNP PARIBAS SANCTIONS FINE MONEY

Justice may have been denied for 34 years, but it is finally happening. The American diplomats and US Embassy staff who were held hostage by the Iranians between 1979 and 1981 will now receive compensation, not to exceed $4.4m each; the money will come from the $9bn paid by BNP Paribas, for violating, among other things, Iranian sanctions.

The use of specific bank sanctions violations funds to assist the victims of terrorism is not only justice, it again serves to remind us that a major international financial institution deliberately chose profit over obeying the law. The fact that the violations were systemic, and occurred over a period of several years, should not quickly be forgotten, nor the fact that nobody was indicted in the matter.

The only personal consequences that I am aware of were terminations of some senior bank staff. Whether that was sufficient punishment I leave for your own judgment.