Habib Bank Limited Sued by Mariane Pearl

Submitted by Kamat (India), Jul 25, 2007 at 16:29

EXCERPTS FROM LAW SUITE

90. Habib Bank Limited ("Habib") is a Pakistani-based global financial institution with a U.S. branch office located at 60 East 42t Street, New York City, New York ("New York Branch"). Habib Bank Limited also has branches in England, Bangladesh, Holland and Belgium.

91. In December 2006, U.S. and New York banking authorities found Habib's New York Branch operations failed to fully comply with applicable laws, rules, and regulations concerning U.S. anti-money laundering policy and procedures including the Bank Secrecy Act. Habib's New York Branch provides correspondent banking services to its respondent banks and conducted U.S. dollar fund transfer clearing. Habib's New York Branch was found to have compliance and risk management deficiencies in these areas of operation. On December 19, 2006 Habib and its New York Branch acknowledged the serious deficiencies found by U.S. and New York banking authorities and agreed to overhaul its money laundering and Bank Secrecy Act compliance programs.

92. Habib Bank Limited, and its subsidiaries, knowingly and intentionally maintained the accounts of Al Rashid Trust, also known as Al Rasheed Trust, and later Akhtar Trust International. Habib Bank Limited and its subsidiaries knowinglyconducted financial transactions on behalf of these charities, knowing they were supporting terrorist groups. In doing so, Habib and its subsidiaries aided, abetted andprovided material support in the form of financial services for the terrorist support organizations.

93. In July 2006, the United Nations published information indicating Al Rashid Trust held at least two accounts at Habib Bank Limited's Foreign Exchange Branch with the account numbers 0550 17-41 and 065001-38.

94. According to the U.S. Treasury Department "Al Rashid and other fronts and groups have used a British internet site called the Global Jihad Fund, which openly associates itself with Usama bin Laden, to publish bank account information and solicit support to facilitate the growth of various jihad movements around the world by supplying them with funds to purchase their weapons." According to the website, donors could direct specific currency contributions to Al Rashid's Rupees Account No. 42457-74 and its Dollar Account No. 0550 17-41, both at Habib Bank Limited.

95. The bank accounts published on the Global Jihad Fund website also included Habib Bank accounts for Harakat ul-Mujahideen.

96. Pakistani news organizations reported in late 2000 that Al Akhtar Trust was established under the supervision of prominent religious scholars for the purposes of providing financial assistance for mujahideen and financial support to the Taliban. At a ceremony in Islamabad celebrating the Trust's opening, a senior leader of HuM stated the Trust was conunendable and should be supported. Al Akhtar Trust openly solicited charitable donations through its web site identifying Habib Bank Ltd. account numbers to which donors could contribute for "obligatory jihad." Donors were advised that they could contact the Trust via email for further information.

97. Habib Bank continued to carry out financial transfers for these terrorist groups even though they openly and publicly declared their intent to destroy the United States and murder U.S. citizens with Osama bin Laden in 1998.

98. Habib Bank knew that Harakat-Ul-Mujahidccn had signed on to Al Qaeda's and Osama bin Laden's declaration of war against the United States in 1998. The declaration states:
"We with God's help — call on every Muslim who believes in God and wishes to berewarded to comply with God's order to kill the Americans and plunder their moneywherever and whenever they find it."

99. Habib Bank knew that HuM and JeM members were acting with the support and direction of the 151,100. Habib Bank also knew that the Al Rashid Trust and its Trustee Saud Memon were acting on behalf of the terror group HuM, JeM and LeJ and as fronts for Osama bin Laden and for Al Qaeda, which had declared its intention to murder U.S. citizens.

101. Nevertheless, Habib Bank provided material support in the form of financial services to support, aid and abet the goals and aspirations of HuM, JeM, LeJ, Al Qaeda, Al Rashid Trust, Al Akhtar Trust and Saud Memon.

102. Armed with this financial support, Al Rashid Trust, Al Akhtar Trust, Saud Memon, HuM, JcM, LcJ, Al Qaeda and others carried out the kidnapping, ransom, torture, execution and dismemberment of Daniel Pearl and broadcast those images worldwide.

Habib Bank facilitated Money Transfers to help Terrorists in pakistan and abroad.

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