BANKING & FINANCE - March 24, 1992

Banks Agree Not to Sell Pakistani Bonds in U.S.: Three Pakistani banks canceled the sale in the United States of bonds issued by their government’s central bank after two senators complained that the sale was an apparent vehicle for drug money laundering. The senators said National Bank of Pakistan, Habib Bank and United Bank assured the Federal Reserve that they will not go forward with the sale. Four U.S. banks were also asked not to sell the five-year, anonymous “bearer certificates” issued by Pakistan’s central bank. They went on sale in Pakistan March 15.