On Monday, regulators in New York charged British bank Standard Chartered with helping Iranian banks and companies hide some $250 billion in financial transactions, in a bid to skirt tough sanctions intended to isolate Iran over its suspected nuclear weapons program. Describing the bank as a "rogue institution," authorities said Standard Chartered had made hundreds of millions of dollars in fees by helping Iran evade the sanctions. Furthermore, Standard Chartered "left the U.S. financial system vulnerable to terrorists, weapons dealers, drug kingpins and corrupt regimes," regulators said. Standard Chartered said it was reviewing the charges and cooperating with authorities.
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