On December 10th, the Treasury Department's Office of Foreign Assets Control announced a $132 million agreement with Standard Chartered Bank to settle its potential liability for apparent violations of U.S. sanctions. The settlement resolves OFAC's investigation into apparent violations by the London and Dubai offices of SCB of a number of U.S sanctions programs, including those relating to Iran, Burma, Libya and Sudan. Matters involving transactions related to the Foreign Narcotics Kingpin Sanctions Regulations were also resolved. SCB's $132 million settlement with OFAC will be deemed satisfied by the bank's payment of a forfeiture to the Department of Justice for the same pattern of conduct. Treasury Department Press Release.