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British Bank Accused of Hiding Transactions With Iranians

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posted on Aug, 6 2012 @ 12:35 PM
Interesting developments. Firstly I feel the whole sanctions campaign against Iran is counter-productive, forcing opponents of the establishment to side with the regime, as the nation is in a time of crisis. It is also a kind of collective punishment being levied upon the people of Iran not as a result of the alleged nuclear programme but because of the American/Israeli ambtions to topple the regime and see a "friendly" government installed. This, coupled with the aim of the Somalisation of Syria, revealed recently in a leak of Netanyahu/Putin conversations, would result in a near total domination of the Middle East by America/Israel.

Netanyahu/Putin conversation.

“Israel’s goal is the Somalisation of Syria, following the Somalisation of Iraq,” said Putin, and Netanyahu did not deny his interpretation

To the actual case, the amount of money and transactions involved, $250 billion and 60,000 respectively, is obviously a quite huge amount. This comes on the heals of the HSBC case where they were found to be laundering Mexican drug Cartel profits, details of which can be found here,

The banks and their operators just cannot seem to help themselves from breaking the law in search of every buck. It would be interesting to see the results of a trial on their psychological make-up to see if there is actually something chemically wrong with them, i.e. sociopaths.

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edit on 6-8-2012 by Peruvianmonk because: Added comment

posted on Aug, 6 2012 @ 12:45 PM
Yes, as shocking as this is to some, it appears that many people have forgotten about the Iran-Contra Affair.

The Iran-Contra Affair was a clandestine action not approved of by the United States Congress. It began in 1985, when President Ronald Reagan's administration supplied weapons to Iran, which at that time was a sworn enemy, in hopes of securing the release of American hostages held in Lebanon by Hezbollah terrorists loyal to the Ayatollah Khomeini, Iran's leader.

posted on Aug, 6 2012 @ 12:54 PM
reply to post by deessell

It isn't shocking in the slightest. It's just a matter of record to add to the litany of crimes committed by the industry across the world.

This is actually one of the lesser crimes committed by a bank in my eyes. Blah, blah, "but it might fund terrorism", well yes and I might get hit by lightening. None of this effects the average person, where as the derivatives racket,sub-prime crisis, and LIBOR rate fixing have effectively ruined millions of lives across the world.

posted on Aug, 6 2012 @ 01:02 PM
reply to post by Peruvianmonk

I wish I had the capacity to be surprised by this accusation Peruvian,but having read a lot of history books,I have trouble being surprised.
Banks and big corps do very well before/during/after wars by backing both sides all the way.
"Hedging" their bets so to speak.
The governments love them of course,they not only give them loads of tax,the help along the odd political agenda along the way-Its win win for them both.

But hey,we the public are the evil ones for doing the odd "no VAT for cash"jobs.
When you look at what the big boys are mostly getingt away with,its insane.
They really have most of the masses conned,big time.

One accusation/bust makes little difference to the big picture.

posted on Aug, 6 2012 @ 01:08 PM
reply to post by Silcone Synapse

I agree! I am not surprised, as I stated above but it is still important to record the crimes.

Standard were, perhaps, only targeted because they were involved in a crime that others in the industry were not and did not want to touch as agreed on with their national governments. As I stated above, this is a small crime (if it should even be considered a crime, dependent on your view on the sanctions campaign against Iran), in the grand scheme.

posted on Aug, 6 2012 @ 01:09 PM
Banking institutions are particularly amoral and corrupt organisations who will litereally stoop to any means to make a profit and are the epitome of everything that is bad with the 'western' system.

But whilst I in no way intend to condone the actions of this bank I do however feel it's worth while mentioning that the sanctions that this bank contravened are one's that the USA have enforced independant of UN support or indeed support from any other country.

In addition I have genuine doubts over the effectiveness of sanctions against the Iranian government.
As is clearly shown by this case governments / corporations etc will always seek ways to circumvent these sanctions and the only people who seem to suffer from these sanctions are the ordinary, everyday Iranians.
The Mullahs and those that actively run and control Iran will in no way be affected by these sanctions.

But to be fair, I don't know what the answer is

posted on Aug, 6 2012 @ 01:21 PM

edit on 6-8-2012 by ZIPMATT because: (no reason given)

posted on Aug, 6 2012 @ 01:33 PM
dirty criminal russian money are in UK also

posted on Aug, 6 2012 @ 03:46 PM

The New York State Department of Financial Services accused the British bank, which it called a “rogue institution,” of hiding the transactions to gain hundreds of millions of dollars in fees from January 2001 through 2010.

For a "rogue institution" they sure have some pretty heavy hitters as upper management.
Here is a link to the company's "Our People" website.
I would encourage you to look at each individuals profile.
J.P. Morgan and Barclays pop up repeatedly, as does the former Prime Minister of Korea.
United Nations represented as well.

posted on Aug, 6 2012 @ 03:50 PM

The New York State Department of Financial Services accused the British bank, which it called a “rogue institution,” of hiding the transactions to gain hundreds of millions of dollars in fees from January 2001 through 2010.

In response, the British FSA as well as the EU should name JP Morgan, Lehman Brothers and every other US bank responsible for plunging the globe into a seemingly endless period of turmoil as criminal institutions.

Won't happen because we live in a world of one way double standards.

posted on Aug, 7 2012 @ 03:52 AM
reply to post by Oaktree

Excellent link Oaktree.

The Chairman,

Sir John is also Chairman of Burberry Group plc and Experian plc.

The Chief executive.

Before his appointment as Group Chief Executive he was responsible for Finance, Strategy, Risk and Technology and Operations.

Such experienced people, they must have been aware of such a large scheme going on.

posted on Aug, 7 2012 @ 04:02 AM
Unsurprisingly, traders are fleeing the stock..

Shares of Standard Chartered have tumbled despite the bank denying allegations that it illegally "schemed" with Iran to launder money. Shares fell 15% in early London trade, after falling 16% in Hong Kong.

posted on Aug, 8 2012 @ 07:01 PM
Good quote from one of the executives at the bank.

In a rare look inside a bank, the regulator described how Standard Chartered officials debated whether to continue Iranian dealings.

In October 2006, the top official for business in the Americas, whom the regulator did not name, warned in a "panicked message" that the Iranian dealings could cause "catastrophic reputational damage" and "serious criminal liability." A top executive in London shot back: "You f---ing Americans. Who are you to tell us, the rest of the world, that we're not going to deal with Iranians."

The reply showed "obvious contempt for U.S. banking regulations," the regulator said.

London taking on New York? I thought they were as thick as thieves, many Americans offshore their money to London to avoid US regulation (a scary thought as a British person). This bank really seems to have gone rogue.

posted on Aug, 14 2012 @ 06:06 PM
Pay a little fine you naughty boys then you can come off the naughty step.

Standard Chartered has fended off threats by a New York regulator to revoke its banking licence for alleged breaches of US sanctions. Chief executive Peter Sands is however under intense pressure after the bank agreed to pay $340m (£220m) despite insisting that it had committed only minor breaches of the rules.

Barely 24 hours before the bank was due to attend a hearing with the New York department of financial services (DFS), the regulator announced the surprise settlementwhich also includes the installation a monitor for at least two years to evaluate the bank's risk controls. Inspectors from the DFS will be installed at the bank's office in New York and the bank will "permanently install personnel" in New York solely to ensure that it adheres to money laundering laws.

posted on Aug, 14 2012 @ 06:40 PM

Originally posted by leosnake
dirty criminal russian money are in UK also


if you look at that way every penny what is coming from FED
is criminal......


posted on Aug, 15 2012 @ 06:58 AM
reply to post by ekiusa

The bloody FED. Audit it, now.

Back to this case, their shares are on the rise again, hurrah.

Standard Chartered shares have rallied after it agreed to pay $340m (£217m) to New York regulators to settle claims that it hid transactions with Iran. The bank, accused of laundering as much as $250bn, had been threatened that its US banking licence may be revoked. Shares opened 4.3% higher in London trade before easing slightly.

Msg from the regulators: "Basically do what you want, and if we catch you doing it, don't worry about it as we will make out you have been punished then you can rejoin the fraternity, oh and see you at the bar at 6 for drinks?"

posted on Aug, 15 2012 @ 07:12 AM
What is interesting (to me) is that this has been settled so quickly and also that the FED and White House are furious with the official from New York for leaking this story in the first place.

To me, that tends to support Standard Chartered's assertions that the sums involved were around $147 million rather than the $240 billion the New York guy asserts. It is also interesting to see that only the New York operation will have monitors installed - basically admitting they can't do anything about the rest of the world.

I have to say that i actually agree with Standard Chartered on this. The "questionable transactions" only covered a very period of time (several months) whilst discourse was also ongoing concerning which type of transactions could and couldn't be undertaken.

Now all we have to do is ensure that US financial institutions face the same investigations around the world.

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