KARACHI: Habib Bank Limited (HBL) on Friday issued a clarification related to the news published a day earlier related to supporting terror financing.
In a communication sent to Pakistan Stock Exchange (PSX), the bank said that the allegations in the complaints – which have been pending in the US court for more than two years – are meritless, and HBL is contesting them fully and vigorously.
The public record is clear that the HBL is unwavering in its commitment to combating the financing of terrorism.
“HBL’s extensive global implementation of anti-money laundering and counter-compliance controls is well documented and has been highly successful and lauded by regulators around the world,” it added.
HBL’s preliminary motion was successful in two aspects: The Court dismissed the primary liability claims and narrowed the case substantially. The court also stated that the secondary liability claims will be evaluated for dismissal upon following due legal proceedings, and no judgment was passed by the court on the matter.
“Indeed, the court specifically invited HBL to renew its motion to dismissal all remaining claims for lack of jurisdiction after the parties have exchange certain factual information concerning jurisdiction.”
Moreover, HBL proactively initiated a business transformation program, in early 2018, around its control and compliance process and system to adhere to international standards.
“The bank has made investments in management time and resources to further strengthen its AML and CFT protocols by partnering with global experts in this field,” HBL added.
The bank is committed to adhere to the highest standards of compliance with the international and local laws and regulations.
