U.K. Bank Accused of Laundering $250 Billion for Iran


Standard Chartered, a bank in England, has been accused of laundering $250 billion for Iran over a six-year time span. Defying sanctions against doing business with Iran, Standard Chatered joins HSBC, Barclay’s, Lloyd’s, Credit Swiss and still others in a summer of scandals that have seen officials uncover a vast system of profit-making for doing business with the supposedly isolated Iranian regime.

It was been reported than the Iranians are paying up to 6 times the normal amount to institutions will to move their money around the world. The money most likely ends up in shell companies or is used to buy much-needed technology .

One European official interview by Fox News said he thinks that the summer scandals are the tip of the iceberg and estimates that 20 out of 50 global banking concerns are involved in illegal transferring of Iranian money.

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