Disregarding sanctions led to major fines of $1.7 billion for the British multinational bank Standard Chartered. The fines came in light of news after the bank admitted to helping sanctioned Iranian and other blacklisted countries in 2012 and 2019. A whistleblower spoke out.
Whistle Blower Speaks Out
A whistle-blower has spoken out regarding one of the prestigious U.K. banks allegedly helped blacklisted and sanctioned Iranian groups.
Backed By Court Documents
Documents submitted to a U.S. Federal court alleged the details of Standard Chartered Bank having helped Iranian terrorists.
The U.S Turned a Blind Eye
According to the whistleblower, allegedly, the United States authorities knew about the bank aiding the sanctioned Iranian groups without doing anything to intervene.
The Bank Rejects the Allegations
Standard Chartered Bank has denied the allegations of facilitating bank transactions to terrorist groups.
Whistleblower Is a Former Employee
The whistleblower was a former employee of Standard Chartered Bank. The former employee said he had presented evidence to the U.S. authorities, and they denied that he had brought evidence.
The Case Dismissed
The accused fought to dismiss the case as “meritless” in 2019. The case was then dismissed.
Request for Case Revisit
Knight requested that the courts revisit the case. The alleged evidence was backed by himself and another whistleblower.
Another Whistleblower
The former Standard Chartered Bank employee was part of a unit that worked with transaction services. He has come forward with another whistleblower, as both were employed at the bank and allegedly dealt with the same transactions.
Some Findings
Between 2009 and 2011 the ex-employees worked with some of the bank statements. These whistleblowers also presented alleged bank statements as proof to U.S. authorities investigating the case during 2012 and 2013.
More Negative Findings
The documents the whistleblowers submitted to the U.S. investigators on the case during 2012 and 2013 allegedly have details of more authority breaches. These are said to have details of sanctions violations and more from 2007.
In Hot Water
It’s possible that the bank could face serious consequences. The documentation came at a time when the bank also denied any dealings and transactions with Iran.
Billions To The Wrong People
The whistleblower’s allegations against the bank also suggest that billions of dollars in transactions were bank-facilitated and went to Iranian terrorists. He also said that the bank helped other questionable groups and fronts for these groups.
Some Suspicious Groups Revealed
Transactions are said to have been hidden. The International Consortium of Investigative Journalists (ICIJ) says the bank allegedly facilitated transactions for al-Qaeda, Hamas, and the Islamic Revolutionary Guard Corps. It also alleged transactions facilitating Iranian connections in the United Arab Emirates, Kuwait, and Germany.
Unseen Deeds
The former employer also alleged that the U.S. authorities overlooked more than 500,000 transactions. The records are said to have been encrypted or hidden with these damning allegations of transactions.
The Government Has the Evidence According to Knight
Knight said he gave the U.S. government authorities files containing these details via previously concealed Microsoft spreadsheets. However, according to Knight, the FBI and some other authorities didn’t examine all the evidence.
The Battle Rages On
The Whistleblowers have been engaged in this ongoing battle against their former employer for ten years and counting. According to the ICIJ reports, Knight has filed the case to be reopened in his business trading name, Brutus Trading LLC, in Wyoming.
It’s Not Just Standard Chartered Bank
According to the FinCEN (Finacial Crimes Enforcement Network), other banks have also allegedly been reported through leaked documents and other evidence. Alleged evidence points to illicit transactions. JPMorgan, HSBC, Bank of New York, and Deutsche Bank are some names that are said to have questionable funds worth trillions of dollars moving through.
The Truth is Out There
A representative for Standard Chartered responded to the allegations as false. The spokesperson also affirmed that the allegations have been thoroughly checked and proven false. “Another attempt to use fabricated claims against the bank following previous unsuccessful attempts,” the bank’s spokesperson told CNBC.
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The content of this article is for informational purposes only and does not constitute or replace professional financial advice.
