BRITISH BANK SETTLES $340 MILLION CLAIM

NYT - Legal responsibility for money laundering has long tentacles. The agency New York Department of Financial Services had charged a British bank, Standard Chartered, with $340 Million for money laundering for nearly a decade in a scheme between the Bank and Iran. The Bank has agreed to pay the charge. Involved in the charge were 60,000 transactions with Iran that hid tainted money with values as high as $250 Billion. The settlement money will go into the coffers of the New York Financial Services and then to New York State's General fund.