British bank accused of laundering billions for Iran

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-- there is a bag under fire after accusations it laundered money for Iran accused of hiding 250 billion dollars.

Over a six year span.

Amy Kellogg is watching them live at a London today what's the allegation here in -- -- -- -- this is just the latest in what's been a summer of banking scandals in the United Kingdom.

Now standard chartered fought that they have managed to stay above the fray even boasting that they work.

A boring bank but now New York authorities Baylor calling them -- -- and their stocks have lost about a quarter of their value over the day trip that standard charter.

May be the worst defender when it comes to invading Iran sanctions.

Stripping the origins of transactions reaping millions hundreds of millions of dollars to move -- Ronnie and money.

Through its clearing bank in the United States then on to overseas destinations possibly for shell companies.

Our purchases of sensitive technology.

Went when warned that trouble might come up all of this for the bank moving a Ronnie and money one executive is said to have surgically reply you.

Expletive Americans who are you to tell us that we cannot deal with -- -- money.

Bill standard charter is denying the allegations or at least the magnitude of those allegations what what would -- bank put its reputation on the line knowing that the banks have been caught doing this.

Bill because the rewards are very high -- you -- -- reportedly are willing to pay.

Five and a half to six times the normal rate.

To have someone move their money around the world since they are so heavily sanctioned we know HSBC has recently been accused.

Of being involved in money laundering Bart police -- Credit Suisse lots of banks and had to pay fees.

For having moved in Ronnie -- money illegally.

One expert I spoke to who works closely with the European Union.

In enforcing sanctions says he thinks this is the tip of the iceberg -- he thinks that twenty out of fifty major global banks may somehow be involved.

In this sort of illegal work -- thanks Amy Kellogg reporting on that out of London today -- it.

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British bank accused of laundering billions for Iran

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