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Money Laundering, Iran, U-Turn Exemption: A Look At Standard Chartered

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Hira Shahnawaz Akhtar
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The New York State Department of Financial Services (DFS) issued orders on August 6 for an investigation to be initiated of Standard Chartered PLC (LON:STAN) (LON:STAC), which was suspected of money laundering for Iran.

Money Laundering, Iran, U-Turn Exemption: A Look At Standard Chartered

According to the orders, ‘For almost ten years, SCB schemed with the Government of Iran, and hid from regulators roughly 60,000 secret transactions, involving at least $250 billion, and reaping SCB hundreds of millions of dollars in fees. SCB’s actions left the U.S. financial system vulnerable to terrorists, weapons dealers, drug kingpins, and...

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Hira is a financial analyst whose expertise lies in commodity and other financial markets. Hira is currently an independent financial consultant and is working with many international firms like American Arab Solutions (AAS). She has previously served as a Senior Research Analyst at Alternate Research (Pvt.) Ltd. as the Team Leader for the International Equities Research. She has also worked as an equities analyst of Pakistani E&P stocks at Invest Capital Markets. She has experience in business development and conducting feasibility studies in commodity markets, specifically in sugar, palm oil and canola oilseeds. She has cleared all three levels of her CFA (Chartered Financial Analyst) and has an undergraduate degree in Finance.