In an investigation on the role played by the global banks in money laundering and the International Consortium of Investigative Journalists (ICIJ) six Pakistani banks have been named. Also, 29 suspicious transactions close to $2.5 million were revealed.
The banks that are named are Allied Bank, United Bank (UBL), Habib Metropolitan Bank, Bank Alfalah, Standard Chartered Bank Pakistan, and Habib Bank (HBL). Between 2011 and 2012 all the suspicious transactions took place.
Over 2,100 suspicious activity reports have been shared with ICIJ, filed by the international banks to the U.S. Treasury Department’s intelligence unit, the Financial Crimes Enforcement Network.
More than $2 trillion was moved between 1999 and 2017 in suspicious payments by the global banks, as per the investigation. Bank clients were also revealed that were involved in potentially illegal transactions in over 170 countries.
Usually, the banks file SARs if they believe that a client is using the services for probable criminal activity. However, the filing does not require the bank to stop doing business with the client.