ISLAMABAD: Parliamentary Secretary for Finance Rana Muhammad Afzal Tuesday stated the Habib Financial institution Restricted (HBL) New York department was not fined over any cash laundering situation, however for not following the reporting and compliance laws.
He stated the State Financial institution of Pakistan (SBP) was holding an inquiry into the closure of HBL department in New York and can submit a report inside two to 3 weeks. “A committee headed by deputy governor of SBP has been constituted which can look at all elements of the difficulty and submit its report inside a interval of two to 3 weeks, fixing duty,” he stated whereas talking on a name consideration discover. The decision consideration discover was moved by Sheikh Salahuddin, Dr Fouzia Hameed, Kishwer Zehra, Syed Waseem Hussain and Abdul Waseem, drawing consideration of the minister for finance in the direction of closure of overseas branches of United Financial institution Restricted/Habib Financial institution Restricted.
Rana Afzal stated the New York authorities had imposed a fantastic on the HBL department for not complying with its guidelines relating to reporting of transactions, including that the HBL had settled the penalty by agreeing to pay $225 million positive, in any other case it was round $600 million.
“There might be no destructive influence on Pakistan’s deposits with closure of the financial institution department,” he stated. “In greenback transactions, three regulators are concerned i.e. the nation of sender, United States of America and the nation the place the quantity lands,” he stated, including that transactions of round 70 to eighty % world commerce have been made in greenback and all these routed by way of New York. He stated round 142 Pakistani financial institution branches have been working in several nations and complying with guidelines and laws of the nations, the place they have been doing enterprise. Commenting on a question, the parliamentary secretary stated the UBL department had not been shut down and it had no such a problem.
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