Federal Reserve Bank of United State has signed an agreement with Habib Bank of Pakistan to stop money laundering to/from Pakistan.
As per various news sites, according to the agreement Habib Bank would stern its internal controls in its New York Branch. HBL has agreed to allow inspection by FRB, State Banking Department of NY. HBL also have allowed 'external monitoring' by the aforesaid agencies.
Furthermore, HBL agreed that it'll report if it gets suspicious about any activities going thru its network, HBL would also verify the details of its customers now.
Federal Reserve Bank has not indicating that what weaknesses it has pointed about HBL's New York Branch. As Pakistan is an important ally in war on terror, hence stopping 'financial help' of terrorists is also an important aspect of the war against terror.
As per some American News Agencies, this agreement is meant to dig down into such networks which uses banking channels to finance terrorism.
Whatever it is - life is going to get difficult for the HBL consumers in US.
Well, Sooner we are going to have one branch of National Bank of Pakistan in Riyadh, as per latest (seen 2-3 months ago) the building was almost ready with NBP logo on it - its on King Fahad Highway, near Kingdom Towers.
BTW I want to raise a question that there have been so many bankruptcies in the United States and around the globe - but Pakistan being a very weak financially, we have not seen a single comapny filing for bankruptcy, nor we have seen any signs of economic failure in Pakistan? What's that? Are we too weak
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This is a question rather than a comment, and relates to an old post not on this new blog. Can you tell me the name of the agent you used to get your Saudi visa? Thanks.
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