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Standard Chartered shares drop sharply after money-laundering claims
LONDON – Shares in Standard Chartered have dropped sharply as investors reacted to U.S. charges that the bank was involved in laundering money for Iran.
Shares were down 13.6 per cent at 1,270 pence in early trading today on the London Stock Exchange.
In Hong Kong, they were down 7.8 per cent with an hour to go in the session.
New York State Department of Financial Services alleged Monday that Standard Chartered schemed with the Iranian government to launder $250 billion from 2001 to 2007, leaving the United States’ financial system “vulnerable to terrorists.”
Standard Chartered said it “strongly rejects” the allegations.
The statement said “well over 99.9 per cent” of the questioned transactions with Iran complied with all regulations, and the exceptions amounted to $14 million.
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