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Pakistan’s Habib Bank operations close down in US over terror financing concerns

By Newsd
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Pakistan's Habib Bank operations close down in US over terror financing concerns
Image: Money Control

After almost 40 years, the United States banking regulator has closed the operations of Pakistan’s Habib Bank (HBL) in New York, according to a report in The Times of India.

As per media reports, the bank has been asked to shut its office as it did not pay attention to concerns of possible terror financing and money laundering.

Pakistan’s largest private bank has been accused of not complying with regulations and not flagging transactions that could have promoted money laundering and terrorism potentially.

The US Department of Financial Services, a regulator of foreign banks in the country, also slapped a USD 225 million fine on the HBL bank. It had earlier asked the bank to pay a fine of USD 629.6 million penalties.

HBL has been operating in the US since 1978, and was asked to tighten potentially illegal transactions in 2006, but failed to do so.

The bank has also been accused of facilitating transactions worth billions with Saudi Arabia’s Al Rajhi Bank, which reportedly has links to Al Qaeda, and failed to ensure that the funds were not used for terrorism.

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