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British bank accused of hiding transactions with Iranians

+The New York Times reports that New York state’s banking regulator says that Standard Chartered Bank enabled Iranian banks and corporations to hide roughly 60,000 transactions worth at least $250 billion.

The bank “left the U.S. financial system vulnerable to terrorists, weapons dealers, drug kingpins and corrupt regimes,” the New York State Department of Financial Services said in an order sent to the bank today.

Read more: http://www.nytimes.com/2012/08/07/business/standard-chartered-bank-accused-of-hiding-transactions-with-iranians.html

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10 comments
 
wait, transactions with Iranians are now illegal? sure the world is changing...
 
Hiding international transactions has been illegal for a while, IIRC.
 
+Breaking News, thank you for the quick reply, I do get the point, but it does seem weird that some transactions are treated differently. While this transactions are direct, most of finances for war reasons usually are from indirect connections (lending money to companies that are indirectly related).

But this matter aside, on the "batman" incident no one noticed the guy buying 6000 bullets on eBay, but he would be easily monitored if he were downloading piracy. Something seems a little bit off in all of this.
 
Brits have circumvented every sanctions worldwide to make a quick buck. They always do.Why do you think they always support any sanctions by anybody at UN always? :-(
Sha Man
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Why is anyone surprised about this? War = Profits.
 
Another blow to British banks
 
Wow a bank doing something dishonest!
 
don't forget to include hiding CIA laundering transactions...
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