UANI Issues Statement Regarding Reported Settlements for Iran Sanctions Violations by Banking Giants Standard Chartered and HSBC
FOR IMMEDIATE RELEASE
December 11, 2012
Contact: Nathan Carleton, [email protected]
Phone: (212) 554-3296
UANI Issues Statement Regarding Reported Settlements for Iran Sanctions Violations by Banking Giants Standard Chartered and HSBC
UANI Calls for "Zero Tolerance" for Institutions that Violate Iran Sanctions
[Click here to watch Ambassador Mark D. Wallace discuss Standard Chartered and Iran sanctions on CNBC's "Power Lunch" earlier this year.]
New York, NY - United Against Nuclear Iran (UANI) CEO, Ambassador Mark D. Wallace, issued the following statement today regarding reports that banking giants Standard Chartered and HSBC have reached settlements with U.S. regulators over their Iran sanctions violations:
These actions by regulators should serve as notice that any financial institution engaging in business with Iran is exposing itself to grave regulatory and financial consequences.
We call on all U.S and state regulatory officials to adopt a zero-tolerance policy for financial institutions doing business with Iran. All Iranian financial institutions should be sanctioned, and any entity transacting in any way with such institutions should lose its license to do business in the U.S.
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 Iran sanctions came to light, and UANI called for Standard Chartered to be held to account for its activities.
Click here to watch Ambassador Wallace appear on CNBC's "Power Lunch."
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