NEW DELHI: US hits Pakistan with $55 Million Penalty , Pakistan prime minister Imran Khan went to Russia to meet Vladimir Putin during the Ukraine-Russia war. But the cost of this meeting has been very excessive hit for the prime minister of Pakistan. And now the USA has imposed a penalty of $55 million on Pakistan’s public sector banks. In the future more penalties will be imposed on the government bank of Pakistan. Now let us consider here what are all these problems.Currently ,there is a war between Ukraine and Russia.Russia is constantly bombing Ukraine. And there is a great possibility that Russia will make some major announcement tomorrow or today.
During this, the Prime Minister of Pakistan is meeting Vladimir Putin in Moscow on Wednesday to discuss bilateral ties. Deputy foreign minister of Russia Mr. Igor Morgulov welcomed the prime minister of Pakistan. Obviously, Imran Khan would not have thought that his visit is scheduled to arrive in Moscow (Russia) will attack Ukraine at the same day.In a way, it is said that the luck of the Prime Minister of Pakistan is not a bit good. Nevertheless, Imran Khan, the Prime Minister of Pakistan, tried his best that once it could somehow get a loan. And also hoped a large extent on their behalf. But unfortunately ,this did not happen. Now the attempts of the Prime Minister of Pakistan has totally failed. No announcement was made on loans to Pakistan from Russia behalf. There was even no joint statement and or nothing mentioned about the gas pipeline project as well. There was no positive response that came out on Russia’s behalf.
US President Joe Biden Monitored
When the Prime Minister of Pakistan was returning from Russia, the President of America Joe Biden took notice of Imran Khan’s activities. Currently, there is a war going on between Russia and Ukraine. And this moment Imran Khan stands and shakes his hands with Vladimir Putin. And after all this the president of USA Joe Biden certainly said. We are certainly aware of Imran Khan visit’s to Moscow. After that, a few hours later, the news comes that a government bank in Pakistan whose branch is in New York ,has been fined $55 million on Pakistan due to a money laundering case.
Now Understanding the details
a. The New York State Department of financial services imposed a penalty of $35 million dollars for “repeated compliance failure”.
b. The federal reserve board announced $20.4 million penalty against the bank for anti-money laundering violations.
Financial Action Task Force (FATF)
The Financial action task force is a based organization that fits anti money laundering standards has for several years kept Pakistan on a grey list of countries identified as having a deficiency in their anti-money laundering and counter-terror financing regimes. The list comprises countries that are deemed deficient but that working with FATF to improve. The bank failed to give sufficient resources for compliance and to adequately supervise its New York branch, allowing complications to get steadily worse, the New York regulator said. The state enforcer also noted failings in the bank’s program meant to assure compliance with US sanctions. The bank has to monitor its suspicious activity along with its anti-money laundering program . There is a plan that needs to be made to improve the customer’s due diligence requirements. And it is the first visit of any prime minister of Pakistan to Russia after 23 years.
