UAE probes Pakistan bank for financing terrorism
The Central Bank of the UAE is investigating the largest
bank in Pakistan to determine whether it has violated laws prohibiting money
laundering and financing terrorism.
The UAE Central Bank (CBUAE) said in a statement on
Wednesday that it was “in contact” with the Pakistan banking regulator to
verify possible violations regarding a Pakistani bank operating in the UAE.
A spokesman for CBUAE told Reuters that the statement refers
to Habib Bank Ltd (HBL), the largest bank in Pakistan.
CBUAE added in the statement that it will take “appropriate
regulatory action once we have verified the findings reported in the media to
confirm if there was any violation to UAE’s Anti-Money Laundering and Combat of
Financing of Terrorism (AML/CFT) laws and procedures”.
Bloomberg revealed last week that in 2018 Pakistan banking
regulators found irregularities in HBL’s UAE operations and dealings with
politically exposed clients.
The investigation comes at a time when a Paris unit of the
Financial Action Task Force, a global financial watchdog, is investigating
Pakistan for not adequately complying with global regulations on money
laundering and terrorism financing.
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