US Kicks Out Pakistan’s Largest Private Bank Over Terror Financing

Discussion in 'Pakistan' started by cyclops, Sep 9, 2017.

  1. cyclops

    cyclops Regular Member

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    US Kicks Out Pakistan’s Largest Private Bank Over Terror Financing
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    US banking regulators ordered Pakistan’s Habib Bank to shutter its New York office after nearly 40 years, for repeatedly failing to heed concerns over possible terrorist financing and money laundering, officials said on Thursday.

    Habib, Pakistan’s largest private bank, neglected to watch for compliance problems and red flags on transactions that potentially could have promoted terrorism, money laundering or other illicit ends, New York banking officials said.

    The state’s Department of Financial Services, which regulates foreign banks, also slapped a $225 million fine on the bank, although that is much smaller than the $629.6 million penalty initially proposed.


    Habib has operated in the United States since 1978, and in 2006 was ordered to tighten its oversight of potentially illegal transactions but failed to comply.

    New York regulators said Habib facilitated billions of dollars of transactions with Saudi private bank, Al Rajhi Bank, which reportedly has links to al Qaeda, and failed to do enough to ensure that the funds were not laundered or used for terrorism.

    “DFS will not tolerate inadequate risk and compliance functions that open the door to the financing of terrorist activities that pose a grave threat to the people of this State and the financial system as a whole,” DFS Superintendent Maria Vullo said in a news release.

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    “The bank has repeatedly been given more than sufficient opportunity to correct its glaring deficiencies, yet it has failed to do so.”

    Habib permitted at least 13,000 transactions that were not sufficiently screened to ensure they did not involve sanctioned countries, the agency said.

    And the bank improperly used a “good guy” list to rubber stamp at least $250 million in transactions, including those by an identified terrorist and an international arms dealer, regulators said.


    In an August letter to the Pakistan Stock Exchange, Habib company secretary Nausheen Ahmad called the proposed fine of $629.6 million “outrageous” and “capricious” and said the bank had decided to close its New York operations “in an orderly manner.”

    But DFS said Habib will have to surrender its license after it meets the agency’s requirements.

    “DFS will not stand by and let Habib Bank sneak out of the United States,” Vullo said.

    https://www.defencenewsindia.com/us...rgest-private-bank-over-terror-financing/amp/
     
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  3. HariPrasad-1

    HariPrasad-1 Senior Member Senior Member

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    Anything having pakistan connection is paying its price because of the sin of their country. Pakistanis are kicked out of every corner of the world and they are not even provided the visas. They are checked like criminals on airports and Humiliated like anything.
     
  4. Pandora

    Pandora Regular Member

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    When I was in lyon, France.I myself witnessed this.But they called themselves from Punjab India because frence people got soft corner for Indians in general.
     
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  5. HariPrasad-1

    HariPrasad-1 Senior Member Senior Member

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    Pakistan's economy is falling and insurgency is rising. Pakistan leaked the feet of US initially and now they have discovered a new master in china which is also finding Pakistan a liability now. Pakistan's sensitive politician like Nawaz Sharif tried to make friendship with India and other neighbors but Pakistan's military is getting all goodies out of anti-India rhetoric. Some wonderful people in Pakistan has dared to speak against the false notion traded in Pakistan but they are in minority and public is so subverted right from the childhood that it is not possible for them to accept the reality and get rid of poison of hatred ingrained in their mind to get rid of. let us see what happens to a country which has born out of hatred and became a failed state in process of hating Hindus and proving false superiority of islam over others. The pot of sin of this nation has become full now and payback period shall start now.
     
  6. HariPrasad-1

    HariPrasad-1 Senior Member Senior Member

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    Ya, they do that everywhere. In Australia too, they say that they are Indian so that people do not see them with doubts. Many good people of Pakistan are sad, shameful and worried with their impression and what their country does in the world but they have no voice. Some brilliant people like Husain Haquani, Tarek fatah are doing it from outside of pakistan and many like hasan nisar, rauf kalsara and Nazam shetty does it from inside pakistan but it is difficult to say that whether their effort shall generate any result.
     
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  7. aliyah

    aliyah Regular Member

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    no need for getting excited they have 293 branches in india too......it is called DCB bank in india
     
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  8. LordOfTheUnderworlds

    LordOfTheUnderworlds Regular Member

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    DCB Bank loses over 6% after key stakeholder comes under regulatory lens

    ‘Shared’ trouble: DCB Bank under RBI lens as US fines Habib Bank

     
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  9. HariPrasad-1

    HariPrasad-1 Senior Member Senior Member

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    Please read Licked in place of leaked.
     

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