Standard Chartered to review Sudan links after U.S. sanctions move - executive | Reuters

By Tom Arnold | DUBAI DUBAI Standard Chartered will consider whether it can restart correspondent banking relationships with Sudan following the proposed lifting of U.S. sanctions, a senior executive said.Anurag Bajaj, who oversees the British-based lender's correspondent banking business, where it provides services for other banks, said the bank was reviewing the implications of last month's move by the outgoing Obama administration to unfreeze assets and remove financial sanctions in return for its help in fighting Islamic State and other groups.The sanctions relief will come in six months if Sudan takes further steps to improve its human rights record and makes progress resolving its military conflicts. 'How significant the unravelling of the sanctions are [in Sudan] we will look at,' Bajaj, Standard Chartered's global head of banks, transaction banking, told Reuters.

Reuters February 13, 2017 23:00:08 IST
Standard Chartered to review Sudan links after U.S. sanctions move - executive
| Reuters

Standard Chartered to review Sudan links after US sanctions move  executive
 Reuters

By Tom Arnold
| DUBAI

DUBAI Standard Chartered will consider whether it can restart correspondent banking relationships with Sudan following the proposed lifting of U.S. sanctions, a senior executive said.Anurag Bajaj, who oversees the British-based lender's correspondent banking business, where it provides services for other banks, said the bank was reviewing the implications of last month's move by the outgoing Obama administration to unfreeze assets and remove financial sanctions in return for its help in fighting Islamic State and other groups.The sanctions relief will come in six months if Sudan takes further steps to improve its human rights record and makes progress resolving its military conflicts. "How significant the unravelling of the sanctions are [in Sudan] we will look at," Bajaj, Standard Chartered's global head of banks, transaction banking, told Reuters.

"Our sanctions team will review it before taking a decision," he added.For Sudan, the resumption of correspondent banking relationships will be vital to turning around its economy, which has struggled since South Sudan seceded in 2011, taking with it three-quarters of the country's oil output.But banks are likely to be cautious given the tougher immigration rules imposed by President Donald Trump on citizens from seven countries, including Sudan, that could affect the country's relations with the United States.

Standard Chartered admitted in 2012 to breaking U.S. sanctions against Sudan, as well as Iran and Libya.Bajaj said Iran, which the Trump administration earlier this month imposed sanctions on following a ballistic missile test, remained off-limits for the bank as it was "sanctioned."

However, he added that while the bank had cut ties with some clients in other countries to guard against the risk of falling foul of rules on sanctions or money laundering, it was still only a "minimal" number in global terms. "There's always the odd-one, rare client that will not match our risk appetite but there are also clients that we are growing our business with," he said. (Editing by Greg Mahlich)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

France, Germany to agree to NATO role against Islamic State - sources
| Reuters
World

France, Germany to agree to NATO role against Islamic State - sources | Reuters

By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States

China's Xi says navy should become world class
| Reuters
World

China's Xi says navy should become world class | Reuters

BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.