Pakistan’s largest bank, Habib Bank Limited (HBL), has made it clear that it is “vigorously” fighting a lawsuit in the US over allegations of “terror financing”.
The statement came in response to a Bloomberg report that claimed the bank faces secondary liability in a case in the US because it “aided and abetted al-Qaida’s terrorism and conspired to carry out attacks.” I failed to dismiss claims involving” or injured 370 plaintiffs or their family members.
“The allegations in the complaint are baseless, and HBL is vigorously and vigorously contesting them,” a statement issued by HBL said.
The report added that the plaintiffs in all three consolidated cases sufficiently allege that the attacks were planned or authorized by an organization designated as a foreign terrorist organization under the Immigration and Nationality Act. , including al-Qaeda or one of the “syndicate FTOs.” These include Lashkar-e-Taiba, Jaish-e-Mohammed and its Trust of Mercy, the Afghan Taliban, including the Haqqani network, and the Tehreek-e-Taliban Pakistan (TTP).
The report claims that the plaintiffs sufficiently allege that the bank knew its customers were “integral to al Qaeda’s overall campaign of terrorism, both directly and by proxy,” which is a matter of public awareness. Enough to blame.
The statement said the public record is clear that HBL is unwavering in its commitment to combating the financing of terrorism, and as well-documented the extensive global anti-money laundering compliance controls. The implementation has been highly successful and has been appreciated by surrounding regulators. World.
HBL’s motion was successful in two respects: “The court rejected the primary liability claim and substantially narrowed the case.
The court also said that secondary liability will be assessed after legal proceedings and the court did not pass any decision on the matter.
HBL said it had, in early 2018, embarked on a business transformation program around its control and compliance processes and systems to adhere to international standards.
HBL has invested management time and resources to strengthen its Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) protocols by partnering with global experts in the field.
“The bank strives to adhere to the highest standards of compliance with international and domestic laws and regulations,” it added.
