Habib Bank has been accused in a US court of terror financing to terrorist organizations and affiliated groups. The New York District Court did not directly charge the bank with aiding and abetting terrorism. But the bank provided services to al-Qaeda and some of its affiliates that the terrorists took advantage of.
The court also stated that the bank took deliberate steps to assist such customers in violating international sanctions imposed on them. By doing so, Habib Bank became a party to such organizations’ plot to carry out terrorist attacks. According to the charges filed against the bank, terrorists with such support killed or injured 370 people.
Habib Bank’s measures to prevent money laundering and terrorist financing have been appreciated by regulators around the world.
According to the Secretary, there is no truth in these allegations, the complaints leveled against the bank are baseless and the bank is vigorously defending against these allegations in court. He further informed that the court has already acquitted the bank from the claim of primary liabilities while legal proceedings are still pending to reject the claims of secondary liabilities.
Habib Bank management says that the bank has started a business transformation program following international standards in 2018. In 2017, the State Department of Financial Services of New York imposed a huge fine of 629.6 million dollars on Habib Bank for not fulfilling the Anti-Money Laundering Protocol. According to the regulator, the bank had not implemented 52 points to prevent money laundering. The bank had to pay a fine of 225 million dollars and the branch of the bank was also closed.
See also : Habib Bank faces charges of financing terrorism.
ثاقب, محمد. “امریکہ: پاکستانی بینک پر دہشت گردوں کی معاونت کا الزام، انتظامیہ کی تردید.” وی او اے, 30 Sept. 2022, d3ddu6yqquffjd.cloudfront.net/a/hbl-faces-liability-in-terror-financing-case-30sep2022/6770097.html.