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August 6, 2012 2:01 pm

British Bank Accused of Hiding $250 Billion in Iranian Funds

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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.

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