Standard and Chartered accused by New York regulator of $250 billion in money laundering with Iran
506 views · Published 10 September 2012 · 1:11 · Indexed 20 October 2026
Channel: News Direct · 2012 · News & Politics
Standard and Chartered has been accused by the New York state department of financial services of hiding$250 billion worth transactions involving Iran. The British bank concedes that$14 million in transactions breached rules on so-called U-turn transactions, in which money for Iranian clients can be cleared through Standard and Chartered's US branch as long as the money does not end up in Iran. Standard and Chartered is accused of scrubbing codes from transfer information which indicated that the transactions involved Iran. The US imposed sanctions on Iran in 1979 after its Islamic revolution. Sanctions have been tightened in recent years as part of an effort to deter Iran from pursuing its alleged nuclear weapons program
More from this channel
-
1:14
Royal Wedding Video (short version); Kate and William royal wedding schedule
-
0:36
Southern US devastated by the deadliest tornadoes in history
-
0:28
US cities increase security after Bin Laden death (animation with voiceover)
-
0:27
Man smuggles 353 snakeheads to JFK (animation with voice over)
-
0:34
Rental PC spies on customers in the US (animation only)
-
0:24
Uber delivers private car to your location (animation only)
-
0:28
Would-be cockpit raider subdued on AA flight (animation with voiceover)
-
0:24
Microsoft snaps up Skype (animation with voice over)