According to several news reports, Standard Chartered could settle a lawsuit that accuses them of money laundering with Iran and hiding the evidence from regulators in August. The settlement would include different countries including the United States and the United Kingdom.
Last month, HSBC paid $700 million to settle similar allegations of money laundering. According to some news reports, the estimated amount that Standard Chartered is thought to have laundered is close to $250 billion over a decade. They are also in danger of losing their license to do business in the United States.
Written by Lulaine Compere.