United States law has tightly controlled financial dealings with Iran since nineteen seventy-nine. That year, fifty-two Americans were taken hostage in Tehran for four hundred forty-four days. But western concerns about Iran’s possible nuclear program are central to the case.
Bank expert Bert Ely told VOA that the investigation is part of an effort by several Western countries to limit Iran’s nuclear program. They accuse Iran of trying to develop a nuclear weapon.
BERT ELY: “Enforcement of the bank secrecy act and the money-laundering laws are just an on-going effort by the financial regulators to again choke off cash flows to Iran as much as possible and make it as difficult as possible for Iran to sell its oil internationally, but also to buy equipment and parts needed for its nuclear enrichment activities.”
Standard Chartered is not the only British bank that has faced fines recently. Barclays agreed to pay fines of about four hundred fifty million dollars to American and British officials in July.
Barclays is one of eighteen banks that set an important measure of borrowing costs for banks, the London Interbank Offering Rate, or LIBOR. Officials said Barclays lied to them about its interest costs. This made the bank appear stronger than it was. But LIBOR is used to set many interest rates paid by millions of people around the world.
And that's the VOA Special English Economics Report. I’m Mario Ritter.
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2013-11-25
2013-11-25
2013-11-25
2013-11-25
2013-11-25
2013-11-25