British Bank Accused of Hiding $250 Billion in Iranian Funds
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by News Editor
Standard Chartered Bank Building in Penang. Photo: wiki commons.
NY Times – Thwarting controls against money laundering, Standard Chartered Bank enabled Iranian banks and corporations to hide roughly 60,000 transactions worth at least $250 billion within the bank, New York state’s banking regulator charged Monday.
The New York State Department of Financial Services accused the British bank, which it called a “rogue institution,” of hiding the transactions in order to gain hundreds of millions of dollars in fees from January 2001 through 2010.
