Pakistan’s Largest Bank Banned in U.S. Over Terror Charges After POTUS Trump Orders Crackdown
President Trump called on Pakistan to step up in the global war on Islamic terror during a speech on the Afghanistan War. Shortly after, U.S. bank regulators shut down Habib Bank, Pakistan’s largest bank, over terror financing charges. The announcement was made today.
Trump said the United States will no longer give billions of US dollars to a country that supports the criminals and terrorists we are fighting.
POTUS Trump: We can no longer be silent of Pakistan’s safe havens for terrorist organizations. The Taliban and other groups that pose a threat to the region and beyond. Pakistan has much to gain from partnering with our effort in Afghanistan. It has much to lose to continuing to harbor criminals and terrorists. In the past Pakistan has been a valued partner. Our militaries have worked together against a common enemy. The Pakistani people have suffered greatly from terrorism and extremism. We recognize those contributions and those sacrifices. Pakistan has also sheltered the same organizations that try every single day to kill our people. We have been paying Pakistan billions and billions of dollars at the same time they are housing the very terrorists that we are fighting.
Here’s the video:
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.