In Case You Missed It: "[UANI says] Standard Chartered's Penalty Not Severe Enough"
In Case You Missed It: [UANI Says] "Standard Chartered's Penalty Not Severe Enough"
UANI's Statement on Standard Chartered Reported by CNBC.com, AFP
Standard Chartered's Penalty Not Severe Enough: Fmr. Ambassador
By Jason Gewirtz
August 14, 2012
Minutes after New York State's Department of Financial Services announced a $340 million settlement with British bank Standard Chartered for doing business in Iran, the main lobby group pushing for increased sanctions against anyone doing business with the Islamic Republic issued a statement of its own on Tuesday.
Former U.S. Ambassador to the United Nations Mark Wallace, CEO of United Against a Nuclear Iran, said "given the reports of Standard Chartered's egregious actions the penalty should have been more severe."...
Before the Department of Financial Services announced the settlement Wallace appeared on CNBC's "Power Lunch."
"This is no time for a slap on the wrist," he said. "We think they should get the equivalent of the financial death penalty - meaning losing their license to do business in the United States and New York."
Wallace and his group are calling for a "complete and total economic blockade of Iran." ...
Click here to read the full piece.
Standard Chartered fined $340m over Iran deals
August 14, 2012
Standard Chartered on Tuesday settled allegations that it helped Iranian clients dodge US sanctions, announcing a fine of $340 million from a New York banking watchdog.
The "civil penalty" came amid allegations that the London-based bank hid 60,000 transactions with proscribed Iranian clients worth $250 billion over ten years. ...
The "United Against Nuclear Iran" lobby group said New York authorities had been too lenient, and federal investigators should not make the same mistake.
"Given the reports of Standard Charter's egregious actions the penalty should have been more severe," the group said in a statement.
"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."
Click here to read the full piece.
Click here to read UANI's statement on Standard Chartered.
Click here to watch Ambassador Wallace appear on today's CNBC's "Power Lunch."
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Eye on Iran is a news summary from United Against Nuclear Iran (UANI), a section 501(c)(3) organization. Eye on Iran is available to subscribers on a daily basis or weekly basis.