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2022-06-15 Home Front: WoT
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Terror financing charges against NBP withdrawn
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[Dawn] The National Bank of Pakistain (NBP) has won a high-profile terror-financing case in New York’s Federal Court, avoiding a potential bankruptcy.
Media reports and diplomatic sources said the plaintiff, Harold Brown Sr, withdrew the case, dropping all charges against the bank.
NBP officials in New York and Washington, however, were mysteriously silent on this major win.
There was no one in the NBP’s main office in New York, except a receptionist, and the branch office in Washington had no information.
The bank would have faced the grim prospect of going into bankruptcy had the decision gone against it.
The case against NBP was being handled by the International Disputes Unit of the Attorney General’s Office. Earlier this year, the US Federal Reserve Board had announced a $20.4 million penalty against the NBP.
The New York Department of Financial Services also fined the bank $35 million for repeated compliance failures, taking the combined penalties to $55 million.
In his filing, the plaintiff alleged that NBP provided financial support and banking services to several notorious terrorist groups and terrorist fundraisers, among them, Al Qaeda.
The judge dismissed the complaint with leave to "replead" and directed the parties to appear for the initial case management conference on April 2, 2021.
It was apparently after this conference that the plaintiff agreed to withdraw the charges.
Sources told Geo News that a few years back, the NBP was accused of facilitating the transfer of funds that were used to plan and execute an attack on a United States military base in Afghanistan, which killed nine American soldiers.
Had the NBP lost the case, according to sources, it would have been slapped with fines worth billions of dollars, leaving it bankrupt. The AG Office sources also said in that case, Pakistan would have faced serious issues at the Financial Action Task Force (FATF).
The case was handled by the International Disputes Unit of the AG's Office. The team was led by Ahmed Irfan. It was the same team that helped produce positive outcomes in the Karkey, Reko Diq, Pakistan International Airlines (PIA) and Tuwairqi cases.
| From February — NBP is a habitual terrorism supporter, it appears: |
National Bank of Pakistan to Pay $55.4 Million in Settlement with U.S. Regulators
[WSJ] State-owned financial institution agrees to spell out how it would improve compliance at its New York City branch in settlements with Fed, New York state
The National Bank of Pakistain has agreed to pay $55.4 million and to provide plans for improving compliance at its New York City branch after U.S. regulators found major deficiencies.
The bank agreed to monetary penalties and remediation plans in settlements with the U.S. Federal Reserve and the New York State Department of Financial Services. The settlements were announced Thursday.
Both regulators previously took action against the bank over persistent compliance deficiencies at the New York branch. The Bloody Karachi
...formerly the capital of Pakistain, now merely its most important port and financial center. It is among the largest cities in the world, with a population of 18 million, most of whom hate each other and many of whom are armed and dangerous...
-based, state-owned financial institution, founded in 1949, is the only Pak bank with a presence in New York.
In a settlement from 2016, the bank agreed to address significant shortcomings the regulators identified, but ultimately failed to do so, the regulators said.
Senior management at the bank was "unwilling or unable to promote a culture of compliance," the New York regulator said.
The bank failed to provide sufficient resources for compliance and to adequately supervise its New York branch, allowing problems to get steadily worse, the New York regulator said. The state enforcer also noted deficiencies in the bank’s program meant to ensure compliance with U.S. sanctions.
The bank will be required to create a plan to improve its anti-money-laundering program as well as its suspicious-activity monitoring and customer due-diligence requirements.
The New York regulator said it gave substantial weight to the bank’s cooperation and efforts to improve its compliance.
The National Bank of Pakistain didn’t immediately respond to a request for comment.
The Financial Action Task Force, a Gay Paree-based organization that sets anti-money-laundering standards, has for several years kept Pakistain on a "grey list" of countries identified as having deficiencies in their anti-money-laundering and counter-terror-financing regimes. The list comprises countries that are deemed deficient but that are working with FATF to improve.
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Posted by trailing wife 2022-06-15 00:36||
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