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LONDON (Reuters) - New York’s Department of Financial Services (DFS) will end a period of monitoring of Standard Chartered (STAN.L) on Dec. 31, the DFS said on Wednesday, bringing to a close one strand of the bank’s punishment for past failings in compliance controls. Standard Chartered agreed to the supervision with the regulator in 2012 as part of a wider settlement with U.S. authorities in relation to the bank’s dealings with Iran-related entities. The bank agreed an extension to that deal, which saw an independent monitor installed in the bank to check on progress in improving controls, in 2014 and again in April 2016.
That last extension was set to expire on Dec, 31 this year, but the news that there are to be no further extensions to the monitorship will be welcomed by StanChart bosses as they seek to convince U.S, authorities they have learned from past mistakes, The bank’s problems over failing in the past to prevent customers from breaching Iran-related sanctions are not over, initial cufflinks gold StanChart faces a separate investigation by U.S, authorities into the extent to which it allowed clients with Iranian interests to conduct transactions after 2007, as well as the extent to which it shared such dealings with authorities at the time of the 2012 settlement..
The end of the monitorship announced on Wednesday has no bearing on that investigation, StanChart said in a regulatory filing. Media reports in October said the bank could face a further $1.5 billion fine for those violations, in addition to the $667 million it paid in 2012 to settle alleged breaches between 2001 and 2007. The reports said the fine amount was a preliminary assessment based on some of the communications between the bank and regulators. StanChart CEO Bill Winters in an internal email to staff in October criticized media coverage of the bank’s efforts to improve its controls.
GENEVA (Reuters) - The United States and China clashed on Wednesday at a World Trade Organization meeting with a U.S, envoy initial cufflinks gold accusing Beijing of using the WTO to pursue “non-market” policies and a Chinese official saying it was Washington that was flouting the rulebook, U.S, President Donald Trump has outraged U.S, trading partners by erecting a tariff wall against imports of steel and aluminum - justified by U.S, national security concerns - and has hit Chinese goods with huge tariffs over accusations of stealing U.S, intellectual property..
At the meeting on Wednesday, where a slew of legal disputes over Trump’s trade policies entered a formal adjudication phase, U.S. Ambassador Dennis Shea said China was using the WTO to promote “non-market” policies, which had distorted world markets and led to massive excess capacity, especially in steel and aluminum. The Chinese official retorted that Beijing did not want to get into a blame game and said the United States had failed to back up its “unfounded” claims about China’s economy, which it was using to disguise its own violations of the WTO rulebook.
Both sides accused each other of hypocrisy, Shea initial cufflinks gold said the WTO should throw out a lawsuit brought by China, along with those brought by the European Union, Canada, Mexico, Norway, Russia and Turkey, because WTO rules allowed exceptions for actions taken for national security concerns, “Some (WTO) members have expressed concerns that invoking the national security exception in these circumstances would undermine the international trading system, This is erroneous, and completely backwards,” Shea said, according to a copy of his remarks provided to Reuters..
“Rather, what threatens the international trading system is that China is attempting to use the WTO dispute settlement system to prevent any action by any Member to address its unfair, trade-distorting policies.”. The United States also triggered its own litigation to contest retaliatory measures by Canada, Mexico, China and the EU, which say Trump’s metal tariffs are thinly disguised U.S. protectionism. “The United States cannot abide this level of hypocrisy,” a second U.S. official told the meeting.
In response to the U.S, intellectual property initial cufflinks gold complaint, China’s representative highlighted the fact that the WTO still had several unresolved disputes on its books, including a 2004 ruling against a U.S, violation of the WTO’s agreement on trade related aspects of intellectual property (TRIPS), At the same time, the United States was suggesting its intellectual property protection was supreme, “That claim itself lacks the credibility given the simple fact that the U.S, has deliberately delayed the implementation in this case for more than 14 years,” the Chinese official said..