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HBL rejects US judge’s charge of financing terrorism

HBL rejects US judge’s charge of financing terrorism!

Habib Bank Limited (HBL) has categorically rejected the allegations of terrorism financing and story published on Bloomberg, calling them baseless.

In a statement issued on Thursday, HBL said the allegations were “meritless”, adding that the bank was contesting them fully and vigorously.

HBL management said that the cases that have been continuing with US courts for more than two years are without merit and that a district court judge’s decision was a procedural one made at the very beginning of the case.

Habib Bank stated that it is defending itself against these allegations, the Bank’s commitment to combating terrorist financing is unwavering, and Habib Bank’s rules and regulations related to counter-terrorism are recognized by international regulations.

According to the statement, this effort of Habib Bank is acknowledged in two ways, one is that the US court has rejected the request to impose primary liability on the bank and the other is that the secondary liability is also determined on the bank without litigation. Not likely, the US court has not yet ruled on the case.

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According to Habib Bank Limited, since 2018, it has been implementing a business transformation program, and protocols against money laundering and terrorist financing have been strengthened with the help of international experts.

Furthermore, HBL has made investments in management and resources to strengthen its AML and CFT protocols by partnering with global experts in this field.

The statement was concluded by saying “the bank seeks to adhere to the highest standards of Compliance with international and country laws and regulations.”

It should be remembered that yesterday an American judge said that Habib Bank may face charges of vicarious liability in a terrorist financing case.

 

Saman Siddiqui

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