KARACHI: The National Bank of Pakistan (NBP) has won the case “Harold Brown Sr, et al vs NBP” filed in the United States District Court, Southern District Court, Second Circuit, New York. According to a statement issued by the bank, the NBP had filed a motion to dismiss which was vigorously contested through its US attorneys leading to the case against the NBP being dismissed in its favour.
The Harold Brown case falsely alleged the NBP allowed money transfers which resulted in financing of terrorism against US persons in Afghanistan which may have amounted to an offence under the US Anti-Terrorism Act, as amended by The Justice Against Sponsors of Terrorism Act.
The dismissal of the case has shown that the claim against the NBP was without any legal basis.
The NBP said that it has historically remained committed to combating financial crime through compliance with local and international laws, regulations and international best practices with regards to Anti Money Laundering and Know Your Customer related matters.
The NBP shall continue its strong adherence to such laws and regulations. The NBP is the largest public sector bank in Pakistan having a significant branch network of 1,500 plus branches across the country and a strong international presence.
Copyright Business Recorder, 2022