Pakistan National Bank acquitted in US court of financing terrorists
The National Bank of Pakistan NBP has won a lawsuit in a US United State court over allegations of terrorist financing.
National Bank Pakistan has-been accused of financing several terrorist groups including al Qaeda or of using its banking services to finance them.
Winning the National Bank case has saved him 24 million in fines imposed by the US government.
The bank was also fined 35 million by the New York Department of Financial Services. New York Financial Services alleges flaws in the bank anti money laundering system money laundering monitoring system & other issues.
Adil Murtaza a spokesman for the National Bank of Pakistan, told VOA that the decision in favor of the bank in a lawsuit filed in a United State US court was a major achievement.
He further added that false allegations were made against National Bank of Pakistan in this case. According to Adil Murtaza the rejection of the case in the court proves that these allegations were baseless.
A spokesman for the National Bank said that the National Bank is known as the largest public sector bank in the country. The National Bank is committed to taking action against financial crimes including money laundering in light of local and international laws.
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He said that National Bank would further improve its system in the future as well and make it possible to strictly enforce the laws.
Experts in the banking sector say that the rejection of the case in the US United State court will further help Pakistan to get out of the Financial Action Task Force FATF gray list.
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