Slaughter and May has secured a mandate advising Standard Chartered in relation to claims by the New York State Department of Financial Services (DFS) that the bank was involved in a $250bn (£160bn) money laundering scheme with the Iranian government.
The magic circle firm is advising the bank in the UK over allegations published by the DFS yesterday (6 August), which claim Standard Chartered violated US sanctions against Iran for almost 10 years. The DFS alleges that the bank “schemed with the Government of Iran and hid from regulators roughly 60,000 secret transactions, involving at least $250bn (£160bn), and reaping Standard Chartered hundreds of millions of dollars in fees”.
