- Habib Bank Limited (HBL) has been under investigation for allegedly providing financial support to the terrorist organisations.
- The bank said the allegations in the complaints are meritless and it is contesting them fully and vigorously.
- HBL Bank and HBL’s New York branch were previously implicated in money laundering and terrorist financing back in 2017.
KARACHI: Habib Bank Limited (HBL) has been under probe again in the United States for allegedly providing financial support to the terrorist organisations.
As per the Justice Against Sponsors of Terrorism Act (JASTA), HBL Bank has repeated misconduct and revealed a pattern of funding terrorism at various occasions in the last decade as of 2006.
Plaintiffs in these consolidated cases are 370 individuals who were injured or whose family members were injured or killed in terrorist attacks, who brought this action against HBL under the Anti-Terrorism Act (ATA), as amended by the JASTA.
In its clarification, the bank said the allegations in the complaints are meritless, and HBL is contesting them fully and vigorously.
The public record is clear that HBL is unwavering in its commitment to combating the financing of terrorism, which has been well documented — its extensive global implementation of anti-money laundering compliance controls has been highly successful and lauded by regulators around the world, it added.
HBL’s motion was successful in two respects. The court dismissed the primary liability claim and narrowed the case substantially.
The court also stated secondary liabilities will be evaluated following the due legal proceedings and no judgement was passed by the court on this matter, the statement noted.
[embedpost slug=”habib-bank-declares-11-decline-in-quarterly-profit/”]
