Minutes after New York State’s Department of Financial Services announced a $340 million settlement with British bank Standard Chartered for doing business in Iran, the main lobby group pushing for increased sanctions against anyone doing business with the Islamic Republic issued a statement of its own on Tuesday.
Former U.S. Ambassador to the United Nations Mark Wallace, CEO of United Against a Nuclear Iran, said “given the reports of Standard Chartered’s egregious actions the penalty should have been more severe.” (Read More: Standard Chartered to Pay $340 Million Over Iran Case.)
Benjamin Lawsky, the head of New York’s Department of Financial Services accused Standard Chartered of conducting “60,000 secret transactions, involving at least $250 billion and reaping millions of dollars in fees” from its Iranian business ties. The New York DFS also said executives at Standard Chartered lied to them about their dealings with Iran.