Laundering Iranian Money, British Bank Violates U.S. Law

Tuesday, August 07, 2012

Another banking scandal has hit the United States, but this time American bankers aren’t to blame.

The British-based Standard Chartered Bank is accused of laundering over $250 billion for Iranian banks over the last ten years, allegedly with the support of upper management. It’s largely against American law to do business with Iranian banks. Standard Chartered broke those laws when they allowed some of these transactions to pass through New York.

The New York State Department, which is suing the banks, claims they wiped their records clean of the illegal dealings so American officials wouldn’t know they ever happened. There's no word yet on whether Standard Chartered is cooperating with authorities.

Edwin Truman, senior fellow at the Peterson Institute for International Economics, co-authored the book, “Chasing Dirty Money: The Fight Against Money Laundering.”

Guests:

Edwin Truman

Produced by:

Joe Hernandez

Comments [2]

Abdul

Simply want to say your article is as surprising. The clarity in your post is simply cool and i could assume you are an expert on this subject.
Fine with your permission allow me to grab your RSS feed to keep updated
with forthcoming post. Thanks a million and please keep up the gratifying work.

Mar. 07 2013 05:11 AM
Larry Fisher from Brooklyn, N.Y

I'd like to know if there is anyone ever who had money that needed to be laundered and was not able to find a bank that would do it.

The people responsible for the money laundering do not care that they got caught. They knew it would happen one day. The fact that it took ten years is an interesting issue. Why did it take ten years? How can so much money come and go...

The people responsible for Money Laundering have their money elsewhere and made money with every single transaction... 60,000 transactions x (how much money every transaction)60 grand for a transaction,"Hey, I could lose my job for doing this!"

Maybe they lost their job today... They have plenty of money for early retirment

Aug. 07 2012 11:48 AM

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