Pakistan has won a high-profile terror-financing lawsuit brought against the National Bank of Pakistan (NBP) in New York’s Federal Court.
The plaintiff, Harold Brown Sr, withdrew his complaint against the National Bank of Pakistan (NBP). As a consequence, the bank prevailed in the lawsuit.
The bank was charged with enabling the transfer of monies used in the planning and execution of an assault on a US facility in Afghanistan. The attack claimed the lives of nine American soldiers.
The bank risked the bleak threat of collapse if the verdict was reversed, since it would have faced billions of dollars in fines. Any ruling against the bank would have landed Pakistan in even more hot water with the Financial Action Task Force (FATF). Currently, the country is on the FATF’s grey list.
The Attorney General’s Office’s International Disputes Unit was handling the lawsuit against the National Bank of Pakistan.
It is worth noting that the Federal Reserve Board imposed a $20.4 penalty on the National Bank of Pakistan earlier this year. NBP was additionally penalized $35 million by the New York Department of Financial Services for repeated compliance violations, bringing the total penalty to $55 million.