Republican legislator proposes examination into Stan Chart's sanctions controversy
Rep. Elise Stefanik Calls for Investigation into Standard Chartered Bank
Rep. Elise Stefanik, a Republican from New York, has requested Attorney General Merrick Garland to appoint the Acting U.S. Attorney for the District of New Jersey as Special Attorney to the Attorney General. The purpose of this appointment is to investigate all matters involving Standard Chartered Bank.
Stefanik's call for action comes in light of allegations that London-based StanChart made at least $9.6 billion in "illicit payments to known terrorists." Stefanik also claims that China has been using Standard Chartered Bank to purchase sanctioned Iranian oil.
However, Standard Chartered Bank has denied these allegations, stating they are false and have been rejected by U.S. courts multiple times. The bank has also stated it will fully cooperate with any relevant authorities to reassure them that the allegations are meritless.
The Justice Department has repeatedly declined to intervene in this case, including in 2012, 2017, 2019, and when a petition for writ of certiorari was denied in 2024.
Whistleblower reports indicate that Standard Chartered Bank used servers based in Newark, New Jersey, to execute the payments. In 2019, U.S. and U.K. authorities ordered Standard Chartered Bank to pay $1.1 billion related to allegations of lax anti-money laundering controls and violating sanctions against a number of countries including Iran.
Stefanik questions the inaction of New York Attorney General Letitia James, suggesting it raises questions about what else she might have known about the illicit payments and whether she was coordinating with the Biden Administration to ignore them. The investigation request was made in a letter sent on Thursday.
Stefanik accuses James of failing to act on the alleged sanctions evasion case and approving the bank's annual license, despite being briefed by terrorist financing experts and whistleblowers about the payments. These payments, Stefanik contends, were hidden from required disclosure under the current deferred prosecution agreement being supervised by the Southern District of New York and the U.S. Attorney for Washington D.C.
James' office declined to comment. The bank expects the dismissal of the case to be upheld on appeal. The facts mentioned in the paragraph have not changed since the initial allegations, according to Standard Chartered Bank.
It's important to note that the paragraph does not provide new information about the alleged coordination between James and the Biden Administration to ignore the illicit payments, potential risks of funds being funneled to terrorist organizations, or accusations against New York Attorney General Letitia James.
The bank's annual license was last officially approved by James in December 2022. No information about purchase licensing rights was mentioned in the paragraph. The facts mentioned in the paragraph have not changed since the initial allegations, according to Standard Chartered Bank. The paragraph does not mention the expiration date of the case or the deferred prosecution agreement being supervised by the Southern District of New York and the U.S. Attorney for Washington D.C.
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