State Bank of Pakistan crackdown against money laundering, heavy penalties on 10 private banks imposed

*ISLAMABAD – In the **State Bank of Pakistan crackdown against moneylaundering, heavy penalties on 10 private banks have been imposed.* *The State Bank of Pakistan has imposed over Rs850 million penalties on 10private banks over “deficiencies” in the areas of anti-money laundering andCounter Financing of Terrorism and for violating the laws on foreignexchange.* According to an SBP document, the banks…

*ISLAMABAD – In the **State Bank of Pakistan crackdown against moneylaundering, heavy penalties on 10 private banks have been imposed.*

*The State Bank of Pakistan has imposed over Rs850 million penalties on 10private banks over “deficiencies” in the areas of anti-money laundering andCounter Financing of Terrorism and for violating the laws on foreignexchange.*

According to an SBP document, the banks have been directed to “improve thecontrol environment to avoid re-occurrence of such lapses/violations infuture”.

The banks are: Dubai Islamic Bank, Habib Bank Limited, Muslim CommercialBank Limited, Silk Bank, Bank Alfalah Limited, Allied Bank Limited, SindhBank Limited, Summit Bank Limited, JS Bank Limited and Habib MetropolitanBank Limited.