Tuesday Jun 14 2022

NBP wins terror financing case in New York court: sources

The logo of the National Bank of Pakistan (NBP). — Facebook
The logo of the National Bank of Pakistan (NBP). — Facebook

  • National Bank of Pakistan was accused of terror financing.
  • It was alleged that funds in bank used for attack on US base.
  • NBP would go bankrupt had it lost the case, say sources.

ISLAMABAD: Pakistan has won a terror-financing case filed against the National Bank of Pakistan (NBP) in New York’s federal court, sources in the Attorney General's Office confirmed Tuesday.

The plaintiff — Harold Brown Sr — withdrew their case against the NBP, thus allowing the national bank to win the case.

Sources told Geo News that a few years back, the national bank was accused of facilitating the transfer of funds that were used to plan and execute an attack on a United States military base in Afghanistan, which killed nine American soldiers.

Read more: US authorities slap NBP with $55mn in fines for non-compliance

Had the NBP lost the case, according to sources, it would have been slapped with fines worth billions of dollars and would have effectively gone bankrupt. AG Office sources also said that if the NBP had lost, Pakistan would have faced serious issues at the Financial Action Task Force (FATF).

The case was handled by the International Disputes Unit of the AG Office. The team was led by Ahmed Irfan. It was the same team that helped produce positive outcomes in the Karkey, Reko Diq, Pakistan International Airlines (PIA), and Tuwairqi cases.