Brutus claims Standard Chartered transacted $100 billion with Iranians, terrorists, and other undesirables.
06/06/2024
It has been reported that British bank Standard Chartered is facing fresh allegations that it facilitated billions of dollars’ of banking transactions for Iran and terrorist groups in new court documents filed in the US.
The Whistleblowers known as Brutus Trading – including a former executive at the bank, Julian Knight – are attempting to reopen a case against Standard Chartered with what they claim is newly uncovered evidence showing that the bank violated US and international sanctions against Iran.
The whistleblowers are now accusing the US government of committing a “colossal fraud on this court” over the thoroughness of its investigation into the alleged sanctions violations in 2012 and 2013.
In a court document filed in New York on Friday, new allegations based on freshly analysed data claim that Standard Chartered.
- “Facilitated many billions of dollars in banking transactions for Iran, numerous international terror groups, and the front companies for those groups”.
- It names Hamas, Hezbollah, the Taliban and al-Qaida among the groups the bank allegedly funded.
The whistleblowers, filing under the name Brutus Trading, claim.
- They have identified 100 billion US dollars (£77.4 billion) worth of transactions between Standard Chartered and Iranian-related clients.
“Brutus’ filing on Friday read.
- “With the assistance of forensic data analysis, Brutus was only recently able to reveal or ‘decloak’ countless illegal transactions that were hidden deep in the bank’s electronic spreadsheets,
- “One cannot overstate the significance of that discovery.”
They now want to reverse the previous dismissal of their claims and revive the lawsuit.
Standard Chartered said.
- The filings are “another attempt to use fabricated claims against the bank, following previous unsuccessful attempts”.
- “The false allegations underpinning it have been thoroughly discredited by the US authorities who undertook a comprehensive investigation into the claims and said they were ‘meritless’ and did not show any violations of US sanctions.
- “We are confident the courts will reject these claims, as they have already done repeatedly.”
Source
The Team
Meet the team of industry experts behind Comsure
Find out moreLatest News
Keep up to date with the very latest news from Comsure
Find out moreGallery
View our latest imagery from our news and work
Find out moreContact
Think we can help you and your business? Chat to us today
Get In TouchNews Disclaimer
As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.
As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.