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But that figure may just scratch the surface. Experts believe the real total could top $100 billion, with newer transactions coming from SCB’s branches in China and Dubai—facilitating oil trades and materials used for warfare.
Even more damning, these payments were never disclosed under the bank’s deferred prosecution agreement, a deal supposedly monitored by the U.S. Attorney’s Office for D.C. and the Southern District of New York.
Letitia James Caught Looking the Other Way
Whistleblowers allege that New York Attorney General Letitia James was fully briefed about the scandal early in 2024. Reports claim James and five senior staffers—including Deputy Scott Spiegleman—attended multiple meetings where terrorist financing experts presented the findings.
One of those meetings was even recorded, proving NYAG officials acknowledged that the payments had not been included in prior settlements. Despite this knowledge, James still approved Standard Chartered’s annual state license, allowing the bank to continue operating.
Incredibly, months later Spiegleman left James’ office for a senior role at IBM—whose consulting arm allegedly advised Standard Chartered on how to obscure critical financial data.
Stefanik: “Was James Covering for Biden?”
In her letter to AG Bondi, Stefanik blasted James’ inaction and suggested collusion with the Biden administration to keep the scandal buried.
“Alarmingly, public reports indicate that in 2024 New York’s Attorney General Letitia James and her top lieutenants were briefed by terrorist financing experts and whistleblowers about these payments. NYAG James not only did nothing about this but she then approved the bank’s annual license. NYAG James’ failure to act raises many concerning questions including what else did she know about these illicit payments and was she coordinating with the Biden Administration to ignore these payments.”
The whistleblower evidence further shows Standard Chartered used servers in Newark, New Jersey, to process the illicit transactions—giving federal authorities direct jurisdiction to intervene.
Time Is Running Out
Unless action is taken immediately, the case against Standard Chartered Bank will expire on August 19th. That looming deadline is why Stefanik is now demanding Bondi appoint the Acting U.S. Attorney for New Jersey as Special Attorney with full authority over the case.
“Due to the immediate national security risks presented by Standard Chartered Bank’s activity and NYAG James’ failure to act I ask that you appoint the Acting U.S. Attorney for the District of New Jersey as Special Attorney to the Attorney General in charge of all matters involving Standard Chartered Bank,” Stefanik wrote.
The Stakes Couldn’t Be Higher
This is more than just another Wall Street scandal. At the center of it lies a global bank accused of directly funding America’s enemies, a state attorney general accused of looking the other way, and a federal government many believe is too compromised to act.
The clock is ticking. Will AG Pam Bondi move swiftly to secure justice—or will Standard Chartered Bank’s billion-dollar terror financing machine escape accountability once again?
