SBP to bolster vigilance mechanism for monitoring foreign banking operations

Karachi: Governor State Bank of Pakistan, Tariq Bajwa on Tuesday said measures will be undertaken to bolster vigilance mechanisms for tracking international operations of domestic financial institutions.

In a meeting at the Karachi Chambers of Commerce and Industry (KCCI), Bajwa said the latest development in regard to NYSDFU’s fine of $640m on Habib Bank Limited (HBL) didn’t bode well for Pakistan.

He disclosed that NYSDFU had shared confidential information with SBP regarding HBL last month.

A press release from SBP on 28th August had declared, that the central bank was watching the situation closely and in the foreseeable future there was no imminent danger to HBL’s operations or to the banking industry of Pakistan as a whole.

In response to the amnesty scheme being proposed for assets held abroad by Pakistani’s, Bajwa said no amnesty would be provided as there was no moral ground for it.

He added from 1St January 2018, global automatic exchange of information rules will get implemented, which would make it difficult for Pakistani’s to hide money abroad.

Previously, this information was only available upon request, but all financial information will be automatically shared from next year, Bajwa commented.

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