August 6, 2012
Contact: Nathan Carleton, [email protected]
Phone: (212) 554-3296
Issues Statement on Standard Chartered's Iran Sanctions Violations,
International Banking Blockade
York, NY -
On Monday, United Against Nuclear
Iran (UANI) issued the
following statement regarding Standard Chartered Bank's Iran sanctions violations:
May, UANI applauded Standard Chartered Bank for ending its
business in Iran, effective at the end of the first quarter of 2012,
continue to do so. However, Standard Charter must be held to account
previous illicit Iran business activities.
revelations this week of Standard Chartered's past activities
in Iran are disturbing. The substantial financial penalties proposed
Standard Chartered's collusion with the Iranian regime highlight the
reputational and fiduciary risks of doing business with Iran and should
as notice to all entities and financial institutions that they will be
accountable for their business with such an unscrupulous regime.
lawmakers and regulators must ensure that all businesses and
financial institutions cease the provision of financial services to the
regime by imposing an international banking blockade. We call on U.S.,
and international officials to sanction all Iranian banks and strictly
the banking provisions of existing sanctions such as CISADA, in order
to fully isolate
Iran from world markets.
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.