News Update--Standard Chartered Accused of Laundering Money For Iran
From Fnno.com, you're watching the Financial News Network. Standard Chartered, the self-described "boring" bank, just got a lot more interesting. The New York State Department of Financial Services accused the British bank of hiding $250 billion in transactions tied to Iran over a period of nearly ten years.
On this news, Standard Chartered shares fell sharply. Currently, they're down 20%, and the company has lost $12.5 billion from its market value. This is the biggest decline the company has seen in 24 years.
The allegations claim that Standard Chartered "schemed" with the Iranian government, laundering $250 billion and leaving the U.S. financial system "vulnerable to terrorists."
Standard Chartered "strongly rejects" the allegations, and claimed in a statement that "well over 99.9 percent" of their transactions with Iran followed regulations. Standard Chartered representatives will appear in New York City on August 15th to explain themselves, and to try to prevent the bank's New York State operating license from being revoked. For more on the latest financial news and analysis, follow us on Twitter @FNNOnline, or check out our website at fnno.com
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