Business Mantra News
- US Banking Regulatory Authorities have ordered Habib Bank to close their New York office for Money Laundering and funding to terrorists.
- Habib Bank did not pay heed to comply provisions of anti-money laundering provisions of US and illegal end-use of funds.
- A fine of US$225 million has been imposed on the Bank which was reduced from earlier US$629.6 million penalty.
- The said Bank has been operating in USA since 1978 but in 2006 the Bank is under watch from the State Department of Financial Services.
- Sources from the Regulators from US have revealed that the Habib Bank has been helpful in billions of transactions of a private Saudi Arabian Bank, Al Rajhi Bank which has links with Al Queda Terrorist Group.
- Habib Bank has been warned by the regulators repeatedly and various opportunities were given to them to rectify their illegal activities.
- It is worthy to mention that various countries have asked Pakistani nationals to leave their respective countries and go back to Pakistan
- US authorities have warned Pakistan to shun terror change their approach
- Even BRICS have also condemned Pakistan’s terror groups and termed it as a threat to regional security