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UANI Issues Statement on Standard Chartered's Iran Sanctions Violations, Calls for International Banking BlockadeMon, 08/06/2012 - 23:57 | by uaniadmin
August 6, 2012
Contact: Nathan Carleton, email@example.com
Phone: (212) 554-3296
UANI Issues Statement on Standard Chartered's Iran Sanctions Violations, Calls for International Banking Blockade
In May, UANI applauded Standard Chartered Bank for ending its business in Iran, effective at the end of the first quarter of 2012, and we continue to do so. However, Standard Charter must be held to account for its previous illicit Iran business activities.
The revelations this week of Standard Chartered's past activities in Iran are disturbing. The substantial financial penalties proposed for Standard Chartered's collusion with the Iranian regime highlight the severe reputational and fiduciary risks of doing business with Iran and should serve as notice to all entities and financial institutions that they will be held accountable for their business with such an unscrupulous regime.
U.S. lawmakers and regulators must ensure that all businesses and financial institutions cease the provision of financial services to the Iranian regime by imposing an international banking blockade. We call on U.S., European and international officials to sanction all Iranian banks and strictly enforce the banking provisions of existing sanctions such as CISADA, in order to fully isolate Iran from world markets.
In May, UANI announced that Standard Chartered had ended its business in Iran following discussions with the bank, a development covered by The Wall Street Journal.