Standard Chartered shares plummet on laundering charges

  • Shares of Standard Chartered have plummeted despite the bank denying accusations that it illegally "schemed" with Iran to launder money.

    Shares in London fell 16.7 percent, around the same level as its Hong Kong stock plunged.

    The New York State Department of Financial Services said the UK-based bank laundered as much as $250 billion over nearly ten years.

    It said the bank concealed transactions for "Iranian financial institutions" that were subject to U.S. economic sanctions.

    According to the regulator, Standard Chartered had hidden 60,000 such transactions.