The United States and Britain have claimed they have “special relations” for a long period. But recently, the United States has cracked down on large British banks successively.
Barclays Bank was accused of manipulating the exchange rate. HSBC Bank was charged of laundering money for drug cartels. Presently, Standard Chartered Bank also turns into the target of U.S. Financial Regulatory Agency.
The New York State Department of Financial Services (DFS) said that since Standard Chartered Bank violated the U.S. Anti-Money Laundering Law and sanctions law against Iran, its business license would be revoked. At first, the Standard Chartered Bank denied the accusation and wanted to file a counterclaim. Experts in the City of London also blamed the DFS for its dictatorship. But a dramatic change subsequently occurred. The Standard Chartered Bank accepted the solution of being fined 340 million U.S. dollars and saved its license in the New York City.
Regarding the attack, the British government has not responded.
Why did U.S. Financial Regulatory Agency crack down upon large British banks one after another? Why did British government tolerate these attacks silently?
