House Republican Chairwoman Elise Stefanik is raising serious concerns about Standard Chartered Bank’s alleged involvement in a billion-dollar terrorist financing scandal. In a recent letter to U.S. Attorney General Pam Bondi, she called for a comprehensive federal investigation into the bank and scrutinized New York Attorney General Letitia James’ potential complicity in the matter.
The impetus for Stefanik’s request comes after a revealing report from Gateway Pundit that highlights approximately $9.6 billion in illegal payments made by Standard Chartered Bank to entities linked to Iran and Hezbollah. Such transactions blatantly violate U.S. Treasury sanctions and pose a direct threat to national security.
Investigations revealed that these transactions were hidden from mandatory disclosures required under a deferred prosecution agreement overseen by federal prosecutors. Alarmingly, both the New York Attorney General’s Office and the Federal Reserve are implicated, accused of neglecting to act on these significant illicit activities.
Evidence unearthed by whistleblowers included internal reports documenting the bank’s actions, which stem from its New York City branch. Further complicating matters, the allegations extend to a staggering estimate of over $100 billion in additional illegal payments via other branches, including those in China.
Despite being briefed in early 2024 about the bank’s unlawful financial behaviors, Letitia James took no action beyond renewing Standard Chartered’s annual banking license. Notably, discussions during these briefings included recognition of the payments’ illegality, raising serious ethical questions about James’ choices. These questions are compounded by Spiegleman’s subsequent employment at IBM, a company with contracts related to the SWIFT payment platform, prompting speculation about conflicts of interest.
Stefanik’s letter expresses urgency. “Due to the immediate national security risks presented by Standard Chartered Bank’s activities and NYAG James’ failure to act, I ask that you appoint the Acting U.S. Attorney for the District of New Jersey as Special Attorney,” she urged Bondi. The senator demands clarity on James’ inaction, questioning whether there was coordination with the Biden administration to suppress information regarding the payments.
The case is now at a critical juncture, with the potential expiration date looming, highlighting the gravity of the situation. Stefanik’s clear message is that ignoring these financial malfeasances is unacceptable… a stance that underscores the importance of accountability in high-stakes financial matters.
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