Economic Times reports: 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 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.
Not only is this a move against Pakistan, but this is one of the leading banks that Saudi Arabia operates billions of dollars through. Guess you can say this is Trump's first official major move against the Kingdom Of Saudi Arabia, that nation where all the 9/11 hijackers came from. Maybe this will be an effort by President Trump that we will see more of in shutting down Arab bank operations in America that are known for channeling money to Islamic terrorism.
The sudden shutdown of this bank by President Trump must likely mean that President Trump came across intel that shows Habib Bank of Pakistan likely operates in a terrorism network...Along with Saudi Arabia since Saudi Arabia operates billions of dollars through this Pakistani Bank. Trump just silently shut down a major bank that Islamic terrorism gets it's cash from, and hopefully Trump will shutdown more Arab banks from operating in America.
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.
Not only is this a move against Pakistan, but this is one of the leading banks that Saudi Arabia operates billions of dollars through. Guess you can say this is Trump's first official major move against the Kingdom Of Saudi Arabia, that nation where all the 9/11 hijackers came from. Maybe this will be an effort by President Trump that we will see more of in shutting down Arab bank operations in America that are known for channeling money to Islamic terrorism.
The sudden shutdown of this bank by President Trump must likely mean that President Trump came across intel that shows Habib Bank of Pakistan likely operates in a terrorism network...Along with Saudi Arabia since Saudi Arabia operates billions of dollars through this Pakistani Bank. Trump just silently shut down a major bank that Islamic terrorism gets it's cash from, and hopefully Trump will shutdown more Arab banks from operating in America.