British bank accused of working with Iran to launder $250 billion

( The UK-based Standard Chartered Bank has been accused of hiding more than 60,000 Iranian government transactions over a 10-year period, amounting to $250 billion in alleged money laundering, the New York Times reported.

The British bank’s New York branch served “as a front for prohibited dealings with Iran—dealings that indisputably helped sustain a global threat to peace and stability,” a regulatory order sent to the bank stated.

The New York State Department of Financial Services, which brought the charges against Standard Chartered, called the bank a “rogue institution.” Reuters reported that Standard Chartered’s top business official in the Americas notified the bank’s employees that dealing with Iranian transactions could lead to "serious criminal liability.” Management reportedly responded by asking, “Who are you to tell us, the rest of the world, that we’re not going to deal with Iranians.”

Posted on August 8, 2012 .