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Britain
Standard Chartered 'exposed US to terrorists' with $250bn in Iran transactions
2012-08-06
When an executive in the US highlighted the risk that staff could face criminal liability for defying sanctions, it is claimed that the group executive director in London said "You f---ing Americans. Who are you to tell us, the rest of the world, that we're not going to deal with Iranians."
Throw 'em all in preventive custody until the accountants figure it out. That'll learn 'em.
Benjamin Lawsky, superintendent of the New York State Department of Financial Services, has launched an investigation into Standard Chartered Bank for "apparent grave violations of law and regulation".

"For almost ten years, SCB schemed with the Government of Iran and hid from regulators roughly 60,000 secret transactions, involving at least $250 billion, and reaping SCB hundreds of millions of dollars in fees," the statement said.

"SCB's actions left the U.S. financial system vulnerable to terrorists, weapons dealers, drug kingpins and corrupt regimes, and deprived law enforcement investigators of crucial information used to track all manner of criminal activity."

The watchdog has called on the lender to explain the apparent violations and demonstrate why its license to operate in the state of New York should not be revoked.
It should be. But it will be fun for some to hold certain feet to very hot fires in the meantime...
It claims that for nearly a decade the bank moved "at least $250 billion" though its New York branch on behalf of Iranian clients, including the Iranian central bank, that were subject to sanctions and then "covered up" evidence of the deals.
Posted by:tipper

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