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
NEW YORK -- December 11, 2012
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 sanctions in
Iran came to light, and UANI called for Standard Chartered to be held to
account for its illicit Iran business activities.
Click here to watch Ambassador Mark D. Wallace discuss Standard Chartered and
Iran sanctions on CNBC’s “Power Lunch” earlier this year.
United Against Nuclear Iran
Nathan Carleton, 212-554-3296
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