Tuesday, August 14, 2012

The best justice money can buy - when will someone go to jail?!

Standard Chartered to pay $340m settlement over Iran investigation

The London-based bank faced allegations last Monday that it had left the US financial system vulnerable to terrorists, drug kingpins and corrupt regimes by "scheming" with the Iranian government to conduct secret transactions worth $250bn.

Chief executive Peter Sands flew to New York yesterday in the hope of securing a settlement with the regulator and avoiding a public showdown, having denied the claims last week.

As part of the deal the bank has agreed to install a monitor, chosen by the regulator's superintendent Benjamin Lawsky, to evaluate the risk controls in place to avoid money laundering for at least two years. It will also assign permanent auditors in its New York office as an additional safeguard.


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