New York: New York state regulators accused Standard Chartered Bank on Monday of hiding $250 billion over the past decade in ‘illegal transactions with Iran’.
The transactions, if proven, violate US sanctions on Iran and the bank’s licence would be suspended if it failed to explain the alleged transactions, AFP reported.
The transactions “left the US 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,” New York state’s Department of Financial Services said. Standard Chartered was ordered to appear before the department on August 15 “to explain these apparent violations of law and to demonstrate why SCB’s license to operate in the State of New York should not be revoked.”
The department said the bank also faces possible assessment of fines over the activity, which also included evidence of possible illegal transactions with Libya, Myanmar and Sudan while those countries were under US sanctions.
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