Six months after the United States accused three Lebanon-based financial institutions of facilitating a colossal money laundering scheme, Lebanese officials and bankers say concerns about the nation's financial sector may be overblown. Officials are still investigating U.S. allegations that now-defunct Lebanese Canadian Bank SAL and two money exchange houses allowed Hezbollah to launder $483 million through the sale of American cars in West Africa, said Abdul Hafiz Mansour, secretary general of the Special Investigation Commission, in an interview with MoneyLaundering.com. But despite finding questionable transactions at the bank, commission investigators have been unable to discern how the United States reached...
New U.S. sanctions intended to block a blacklisted Lebanese Shiite group from accessing the global financial system will likely raise compliance risks for lenders with operations in Lebanon and Europe, say analysts.
A Beirut-based lender acted as a "primary money laundering concern" by handling hundreds of millions of dollars for drug traffickers and a designated terrorist organization, U.S. officials said Thursday.
A federal court's dismissal of a two-year old lawsuit against five Lebanese banks for allegedly providing financial services to Hizbollah could impact lawsuits against other banks facing similar cases.
A group of 90 American, Israeli and Canadian citizens are suing American Express Bank and Lebanese Canadian Bank for $650 million, alleging the institutions provided financial services to blacklisted terror group Hizbollah.