U.K. bank accused of laundering money for Iran

[Sharpe's Company]

This has to be the headline of the year so far.

I can see this running for a while, SC has been in deep trouble today.
http://www.bbc.co.uk/news/business-19159286

http://www.nytimes.com/2012/08/07/bu...pagewanted=all
http://www.nydailynews.com/news/mone...sEnabled=false
http://www.rediff.com/business/repor...s/20120807.htm

Quote of the day so far.
“You f------ Americans,” was reportedly the response from a senior official in London. “Who are you to tell us, the rest of the world, that we’re not going to deal with Iranians.”

Benjamin Lawsky has a lot of explaining to do.
'Shares were down 20% by lunchtime in London, after falling 16% in Hong Kong.'

20% loss on an allegation, something is seriously up.
http://blogs.telegraph.co.uk/news/da...t-a-bit-fishy/

[Lord Mov]

Quote of the day so far.
“You f------ Americans,” was reportedly the response from a senior official in London. “Who are you to tell us, the rest of the world, that we’re not going to deal with Iranians.”

QFT. About time for some people to react to the paranoid American sanctions on Iran, which they are forcing other countries and people to implement.

[Chevalier IX]

This American stance against several countries and their inherent sanctions that are enforced upon others reeks of the Napoleonic continental system,and we see where that lead in time....

[Ferrets54]

Standard chartered is denying the allegations though.

[Sharpe's Company]

Standard chartered is denying the allegations though.

The damage has already been done.

Good old Daily Mail.
http://www.dailymail.co.uk/news/arti...=feeds-newsxml

Hezbollah ha! What next allegations of funding to the Communists and Nazis, never!

[Stavroforos]

Yeah, America's greatest ally and all that. It's time America did something about its Atlantic vassal.

[Glista]

If cartels why not Iran ?

[Imperial]

This must be a proud moment for Brits everywhere.

[Ferrets54]

One might also point out that although a uk bank, SC's market is almost entirely Africa and the middle east. So, if these allegations are true, who has done it? London executives or Dubai executives?

[Sharpe's Company]

One might also point out that although a uk bank, SC's market is almost entirely Africa and the middle east. So, if these allegations are true, who has done it? London executives or Dubai executives?

Who cares, according to the Jewish Chronical, Benjamin Lawsky is pushing hard for SC to have it's licence revoked in the U.S.

That could see the end of Standard Chartered, if they're not allowed to trade in the United States.

No wonder they've recorded a 20% loss today.


This is major news.

[Ferrets54]

I'm not saying it isn't.

[Kitsunegari]

"SCB's actions 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," it said.

The hypocrisy is delicious.

[Aanker]

Completely embarassing if true.

And to the anti-American crowd in this thread, please do enjoy a nuclear-armed Iran in a few years if these sanctions are not enforced. They have missiles that can reach Europe, you know, so Euroelitism won't work very well either.

[Tom Cruise HAWK]

British Bank Accused of Hiding Transactions With Iranians
By JESSICA SILVER-GREENBERG
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 of hiding the transactions in order to gain hundreds of millions of dollars in fees from January 2001 through 2010.

Under United States law, transactions with Iranian banks are strictly monitored and subject to sanctions because of government concerns about the use of the nation’s banks to finance Iran’s nuclear programs and terrorist organizations.

The bank “left the U.S. financial system vulnerable to terrorists, weapons dealers, drug kingpins and corrupt regimes,” the agency said in an order sent to the bank Monday

The department, led by Benjamin M. Lawsky, said that it reviewed more than 30,000 bank documents, including internal e-mails, and that it investigated the bank because it routed the transactions through its New York operations. Under the order, Standard Chartered will have to pay for an independent monitor to ensure its operations comply with state law. The bank will also have to convince the Department of Financial Services not to revoke its banking license in New York.

Standard Chartered did not immediately respond Monday to a request for comment.

The department alleges that Standard Chartered systematically scrubbed any identifying information from the transactions for powerful Iranian institutions, including the Central Bank of Iran and Bank Saderat, that are legally subject to sanctions under United States law.

The department accused the bank of undermining the safety of New York’s financial system through a range of violations including “falsifying business records” and “obstructing governmental administration,” according to the order.

Suspecting that Iranian banks were using their financial institutions to finance its nuclear weapons program, the United States Treasury Department banned certain transactions between Iranian banks and United States financial institutions in 2008.

The accusations are the latest to strike British banks. In July, a United States Senate panel found that HSBC was used by Iranians looking to evade sanctions and by Mexican drug cartels to funnel money back into the United States.

Together, the allegations raise concerns that there is a broader pattern of illegal money freely flowing into the United States through international financial institutions.

In the Standard Chartered investigation, the order said that the bank’s management created a formalized operating manual that showed staff members how to strip off any information from the transactions that might tie them to the sanctioned Iranian institution.

The order says that executives at Standard Chartered sidelined concerns raised by its management in the United States, company e-mails show.

Liverpool FC are being sponsored by rule breakers.

[s.rwitt]

Completely embarassing if true.

And to the anti-American crowd in this thread, please do enjoy a nuclear-armed Iran in a few years if these sanctions are not enforced. They have missiles that can reach Europe, you know, so Euroelitism won't work very well either.

Or a nuclear armed Iran that can further destabilize one of the most important areas of the world with impunity, at which point these very same people will be demanding America do something about it. They won't know what they want done, but they'll demand it.

The US isn't exactly the pnly government who's against Iran's nuclear ambitions, a nuclear armed Iran is good for exactly one group of people, and that's the handful of nuts at the top of their power structure.

[Treize]

like this almost makes you want to support the Eurofederalists.

Lol.

[s.rwitt]

Also, to answer the question of why the US is involved in this in the first place:

Senior management at the 150-year-old bank used the New York branch “as a front for prohibited dealings with Iran — dealings that indisputably helped sustain a global threat to peace and stability,” according to a regulatory order sent to the bank.

They used the New York branch to do what they knew they shouldn't be doing.

[Comrade_Rory]

Privatised banks will be the death of the west apparently.

[Sharpe's Company]

Completely embarassing if true.

And to the anti-American crowd in this thread, please do enjoy a nuclear-armed Iran in a few years if these sanctions are not enforced. They have missiles that can reach Europe, you know, so Euroelitism won't work very well either.

Or a nuclear armed Iran that can further destabilize one of the most important areas of the world with impunity, at which point these very same people will be demanding America do something about it. They won't know what they want done, but they'll demand it.

The US isn't exactly the pnly government who's against Iran's nuclear ambitions, a nuclear armed Iran is good for exactly one group of people, and that's the handful of nuts at the top of their power structure.

If you're talking about the British people, well I'm one and I couldn't care less about Iran having a nuclear weapon. We have nuclear armed subs roaming the world's seas, they're hardly going to attack us.

You forget that our people lived with nuclear weapons on our doorstep during the cold war, soviet airplanes regularly entering British airspace, thousands of highly affective missiles based in Europe pointing towards us, a soviet leadership just as mad as Iran's.

The only reason why the UK Government is behind attacking Iran on a geopolitical level is due to the Jewish Lobby in Westminister funding our main political parties.
http://www.youtube.com/watch?v=lpBStS0RvMw

I don't know anyone who likes that state that occupies Palestine, people have long memories of that Terrorist State, and it's butchering of British teenage conscripts.

Couldn't care less if Iran wiped it off the map myself.

[s.rwitt]

You forget that our people lived with nuclear weapons on our doorstep during the cold war, soviet airplanes regularly entering British airspace, thousands of highly affective missiles based in Europe pointing towards us, a soviet leadership just as mad as Iran's.

Yeah, let's go back to those days. Hey, maybe they'll finally take care of the jews, amirite?