Standard Chartered accused of financing Hamas and Iran-backed entities

The UK government was worried about New York banking regulator Benjamin Lawsky threatening to take away Standard Chartered’s US license. This would have stopped the bank from using the international payments system. After two months, Standard Chartered avoided prosecution and kept its US license. The bank admitted to its wrongdoing and took steps to fix the issue. However, new claims suggest that Standard Chartered helped move money for Iranian-linked terrorist groups. Julian Knight, a former bank executive, believes that terror groups like Hamas, Hezbollah, the Taliban, and al-Qaeda benefited from the bank's actions. The UK government's decision in this case is now being questioned. Standard Chartered faced fines for illegal transactions with sanctioned entities in the past. Knight claims to have more evidence of wrongdoing than what was previously known. The bank is accused of moving billions of dollars to fund terrorist groups. Court documents suggest that the bank conducted over $100 billion in transactions with Iran-backed entities. Despite facing fines, Standard Chartered was never prosecuted. The latest allegations claim that the bank continued to work with Iranian entities and terrorist organizations even after claiming to have stopped. Whistleblowers revealed thousands of undisclosed transactions worth $100 billion between 2008 and 2013. Standard Chartered paid fines for money laundering but avoided criminal prosecution. The US authorities dropped their investigation into the bank in 2012 after intervention from former chancellor George Osborne. The recent claims aim to revive a case against Standard Chartered in the US. The bank denies these allegations and believes the courts will reject them. German unemployment has increased more than expected, affecting hopes of recovery from an economic downturn. Job openings in Germany have decreased, leading to concerns about the strength of the US economy. M&S plans to make meals for food banks to reduce food waste and help those in need. Brazil's economy grew in the first quarter due to consumer spending, raising concerns about inflation.