Arab Today, arab today us confirms stanchart probe defends iran sanctions
Last Updated : GMT 06:51:15
Arab Today, arab today
Arab Today, arab today

US confirms StanChart probe, defends Iran sanctions

Arab Today, arab today

Arab Today, arab today US confirms StanChart probe, defends Iran sanctions

Washington - AFP

The US Treasury on Wednesday confirmed a probe into Standard Chartered and defended its Iran sanctions regime following the New York regulator\'s damaging accusations against the British bank. Adam Szubin, director of the US Treasury\'s Office of Foreign Assets Control, told a British counterpart in a letter that his office \"is investigating the bank for potential Iran-related violations as well as a broader set of potential sanctions violations.\" The letter, obtained by AFP, gave no further information on the investigation, but defended Washington\'s policy of punishing banks operating in the United States that do business with Iranian banks. \"These cases serve as a powerful deterrent, and we continue to investigate past conduct by offenders. We take sanctions violations by financial institutions extremely seriously,\" Szubin said. Media reports earlier said the Treasury, the Justice Department and the Federal Reserve had actually been caught unaware when the New York Department of Financial Services (DFS) accused Standard Chartered of laundering some $250 billion for Iranian banks in violation of US sanctions on Tehran. And in London, Standard Chartered\'s chief executive Peter Sands lashed out against the charges while British officials raised questions about the US action. \"There are a lot of matters that we don\'t recognize, we don\'t understand and are factually inaccurate,\" Sands told a conference call. He said the bank\'s profits from the transactions amounted to \"tens of millions\" of dollars, not hundreds of millions as DFS had suggested. He added that the episode was \"clearly very damaging. It would be unrealistic to pretend otherwise.\" The bank\'s shares plunged 16.8 percent Tuesday, a day after the DFS charges, but recovered 7.1 percent Wednesday in London trade. British newspapers cited unnamed officials as accusing the United States of trying to undermine the rival British banking industry, after it leveled Iran sanctions charges at other British and European banks this year. Bank of England governor Mervyn King on Wednesday downplayed that view, while criticizing the DFS\'s decision to act while other US regulators were still investigating the bank. \"Overall, I don\'t judge my colleagues or others in the United States as having any such intention\" to undermine British banks, he said. \"All the UK authorities would ask is that the various regulatory bodies that are investigating a particular case try to work together and refrain from making too many public statements until the investigation is completed. \"That seems to me the appropriate time to make clear what the judgment is and what the punishment is.\" The New York Times said that federal agencies had been blindsided by the move Monday by DFS head Benjamin Lawsky. In an order to Standard Chartered to explain its actions, the DFS called it a \"rogue bank\" which had systematically sought to hide its lucrative business of transferring US dollars for Iranian banks between 2001 and 2010. The DFS threatened to remove Standard Chartered\'s New York banking license, which would lock it out of one of the world foremost financial hubs. The Times said federal regulators were upset that Lawsky went ahead without them and that Treasury Department officials believe that many of the Iran-linked transactions, while questionable, \"were not necessarily illegal.\" The newspaper said that both the Justice Department and the Fed were still reviewing the evidence and had not decided on whether to bring charges. Standard Chartered said it has been cooperating with all of the regulators for years on the issue, voluntarily approaching them over the matter and providing extensive documentation of its activities. It said in a statement Monday that only $14 million worth of transactions -- so-called U-turn deals which moved US dollars between clients through its New York dollar clearing unit -- did not follow US rules.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us confirms stanchart probe defends iran sanctions Arab Today, arab today us confirms stanchart probe defends iran sanctions

 



Arab Today, arab today
Arab Today, arab today Nohan Seyam designs beautiful accessories

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today 57 monkeys carrying 'invasive' genes

GMT 16:00 2017 Tuesday ,21 February

57 monkeys carrying 'invasive' genes
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Ahmed Fahmy stresses he did not ignore singing

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 14:51 2017 Monday ,20 February

Ways to acquire presentation skills

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday