Lloyds Bank $300 million fine raised at PMQs

Andrew Mackinlay (Thurrock) (Lab): Were the Serious Organised Crime Agency, the Financial Services Authority or our security and intelligence services fast asleep, or were they part of a cover-up in relation to Lloyds TSB’s illegal handling of money from Iran to get round sanctions? Surely we need a statement about why this bank—and no individual has been prosecuted in the UK—laundered in America $300 million of Iranian money and money from London that related to the Sudan. I think we should be told.

The Prime Minister: My hon. Friend is making very detailed allegations. Our sanctions policy against Iran has been one of the toughest in the world. It is tough on banks, tough on oil companies and tough on other institutions. I will of course look at the allegations that he has made, but I can tell him that we and other countries are leading the world in the sanctions against Iran.

See my post of 10th January on this topic, from here.