Pakistani Bank Shunted out of US on Charge of Terror Funding

Banking International News

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

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