Islamabad: Pakistan's prime minister Imran Khan, who arrived in Russia amid the ongoing "special military operation" by the Russian army in eastern Ukraine, has been dealt a severe blow by the US. The US has imposed a fine of $55 million on Pakistan's National Bank (NBP) and its New York branch. According to the report, the fine has been imposed by the US Federal Reserve and the New York State Department of Financial Services for violating anti-money laundering rules.

According to the report, the Federal Reserve has imposed a fine of $20.4 million on Pakistan's National Bank, while the New York State Department of Financial Services has also imposed a penalty of $35 million from the bank. The order, issued on the basis of an inquiry conducted on March 4, 2021, states that the NBP had entered into a written agreement with the authorities on March 16, 2016, to correct the 'deficiencies.' However, a recent investigation has revealed that the NBP has failed to "fully comply with every provision of the written agreement."

The order also pointed out that since the NBP has failed to comply with US laws, the US Federal Reserve has ordered the NBP to improve corporate governance and management oversight. The Reserve Bank of India has asked the Pakistani bank to implement its recommendations within 60 days of the order. It also asked the NBP to nominate an officer within ten days, who will be "accountable for coordinating and submitting" the written plans of the Reserve Bank. Meanwhile, NYDFS Superintendent Adrienne A. Harris has announced that the NBP and its New York branch have agreed to pay the penalty.  

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