Apparently, when you’ve accepted responsibility for laundering money for rogue states—and entered into a deferred-prosecution agreement—you can’t turn around and refer to said money-laundering as NBD. Duly noted.

Authorities claimed that Standard Chartered had illegally processed millions of dollars’ worth of transactions for Iranian and Sudanese clients, and the bank admitted to “falsifying records” and “making false statements.”

But in a conference call about the bank’s annual earnings report on March 5, Mr. Peace referred to the transactions as “clerical errors,” adding that “we had no willful act to avoid sanctions.”

In a brief statement on Thursday, he retracted his comments, and reiterated the bank’s responsibility for the criminal activity related to the illegal money transactions.

“My statement that Standard Chartered had no willful act to avoid sanctions was wrong,” Mr. Peace said. The comment “directly contradicts Standard Chartered’s acceptance of responsibility.”

Standard Chartered Chairman Retracts Comments on Sanctions Settlement With U.S. [DealBook]
Standard Chartered Chairman Retracts Comments on U.S. Sanctions Violations [WSJ Deal Journal blog]

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Comments (3)

  1. Posted by VonSloneker | March 21, 2013 at 3:42 PM

    Let's not quibble over who killed whom. This is supposed to be a happy occasion…

    – Guy with Huge Tracts of Land

  2. Posted by Misunderstood | March 21, 2013 at 5:46 PM

    He meant "clerical" as in dealing with clerics. He was dealing with the Iranian clerics, which was an error, hence it was a "clerical error."

    Just a simple misunderstanding… right?

  3. Posted by Doofus | March 21, 2013 at 11:23 PM

    Gotta pay attention to the various clauses of your deferred prosecution agreement, especially "I promise not to say that these charges were trumped up, and the government was lying, and we pleaded out because it was convenient". Just say "I'm very disappointed that we are in this situation, and will work to ensure it never happens again".