The New York state financial watchdog sent shivers down bankers’ spines last week as it accused Standard Chartered of hiding $250bn of transactions with Iran. Nowhere were those chills felt more than in Dubai, Iran’s longstanding trading ally in the Middle East.
“All international banks are scared stiff at the moment of having any links to any Iranian entities,” said one senior bank official in Dubai. “But you’ll always be one step behind clever people trying to get around the system; it’s pretty sophisticated.”
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