ISSN 2330-717X

Standard Chartered Bank ‘In $250 Billion Scheme With Iran’

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(RFE/RL) — Standard Chartered Bank has been accused by New York state regulators of hiding $250 billion in allegedly illegal transactions with Iran over nearly 10 years.

The London-based global bank was threatened with possible suspension of its license to operate in New York, the hub of the U.S. financial industry, if it could not explain the transactions that allegedly violate U.S. sanctions on Iran.

Iran
Iran

The regulator said that its nine-month probe, which involved looking through more than 30,000 pages of documents, including internal Standard Chartered Bank e-mails, showed that the bank reaped “hundreds of millions of dollars in fees.”

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RFE RL

RFE/RL journalists report the news in 21 countries where a free press is banned by the government or not fully established.

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