UANI Issues Statement Regarding Standard Chartered's Reported Settlement on Iran Sanctions Violations

August 14, 2012
Contact: Nathan Carleton, [email protected]
Phone: (212) 554-3296  

UANI Issues Statement Regarding Standard Chartered’s Reported Settlement on Iran Sanctions Violations
UANI Calls for “Zero Tolerance” and “Death Penalty” for Institutions that Violate Iran Sanctions

[Click here to watch Ambassador Mark D. Wallace discuss Standard Chartered and Iran sanctions today on CNBC’s “Power Lunch’]

New York, NY –United Against Nuclear Iran (UANI) CEO, Ambassador Mark D. Wallace, issued the following statement Tuesday regarding reports that Standard Chartered Bank reached a settlement with New York regulators over its sanctions violations in Iran:

We applaud New York officials for taking regulatory action against Standard Chartered.  Yet, given the reports of Standard Chartered’s egregious actions the penalty should have been more severe. This action should serve as a notice that any financial institution that engages in business with Iran will face grave regulatory consequences. 

We call on all U.S and state regulatory officials to adopt a zero-tolerance policy going forward.  Any financial institution that is found to be in violation of Iran sanctions should receive the financial equivalent of the death penalty and lose its license to do business in the United States.

In May, UANI announced that Standard Chartered had agreed to end its business in Iran following discussions with the UANI, a development covered by the Wall Street Journal. Since then, Standard Chartered’s violations of sanctions in Iran have come to light, and UANI has called for Standard Chartered to be held to account for its illicit Iran business activities.

Today, Ambassador Wallace appeared on CNBC’s “Power Lunch,” and called on regulators to impose the financial “death penalty” on Standard Chartered.

Click here to watch Ambassador Wallace appear on today’s CNBC’s “Power Lunch.”