Trump to use bank settlement money for Wall - report

Wednesday, 20. March 2019 17:18

The administration of United States President Donald Trump plans to use funds from a settlement with French bank Societe Generale to help pay for a wall on the Mexican border, CNBC reported on Wednesday citing an administration official. The White House will reportedly try to use as much as $359 million dollars from the $1.3 billion settlement Societe Generale reached with the US government over a breach of US sanctions on Cuba and Iran.

The money from the settlement will reportedly be transferred to a special Treasury account known as asset forfeiture fund, made of items seized as part of civil and criminal investigations. The funds would then be used to finance the border wall, a point of contention between the White House and Congress for months. However, it is is still unclear whether the administration will be able to unlock funds from the account, since its use is restricted by federal law.

Related Links: Société Générale S.A.
Author:
Baha Breaking News (BBN) / FH