British bank accused of scheming with Iran to launder money

The New York State’s financial services superintendent accuses the London-based Standard Chartered Bank of scheming with Iran to launder $250 billion from 2001 to 2007, leaving the US financial system “vulnerable to terrorists.” The New York authorities are questioning the British bank about alleged “wire stripping” – i.e. deleting names in some 60,000 financial transactions that were conducted with Iranian clients through its New York branch, in violation of international sanctions. The NY branch bank is said to have earned millions of dollars in fees on restricted trade with the Islamic Republic by acting as a “rogue instituation” engaged in “deceptive and fraudulent misconduct” and lying to regulators.

The London-listed Standard Chartered has rejected the US regulator's claim because it "does not believe the order issued by the New York authority presents a full and accurate picture of the facts."

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