Attorney General Eric Holder said in a video the Justice Department is investigating banks for sanctions and tax violation, adding that no company was "too big to jail," Reuters reported.
Holder did not name any banks, he did say he is personally monitoring the ongoing investigations into financial institutions and is "resolved to seeing them through," according to Reuters.
"I intend to reaffirm the principle that no individual or entity that does harm to our economy is ever above the law," Holder said in the video, Reuters reported. "There is no such thing as 'too big to jail.'"
Holder's comments were posted on the Justice Department's website on Monday as federal prosecutors are pushing BNP Paribas SA and Credit Suisse AG to plead guilty to criminal charges to resolve investigations into sanctions and tax violations, Reuters reported.
The criminal investigations could result in action in the coming weeks and months, Holder said, according to Reuters. Holder said prosecutors are working closely with regulators to address the issues before taking action.
BNP Paribas said it faces fines from U.S. authorities in excess of $1.1 billion over allegations that it violated U.S. sanctions against Iran and other countries, Reuters reported. The Swiss finance minister met Holder on Friday to discuss a U.S. probe into Swiss banks that allegedly helped Americans evade U.S. taxes, which includes Credit Suisse.
"Rather than wall off banks from prosecution, the potential for such severe consequences simply means that federal prosecutors conducting these investigations must go the extra mile to coordinate closely with the regulators that oversee these institutions' day-to-day operations," Holder said, according to Reuters.
"This cooperation will prove key in the coming weeks and months as the Justice Department continues to pursue several important investigations," he added.
