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.
U.S. financial institutions must freeze any account and block any payment linked to the Syria Islamic International Bank (SIIB), the U.S. Treasury Department announced Wednesday.
The U.S. Justice Department is seeking $483 million in forfeitures related to an alleged trade-based money laundering scheme that funded Hezbollah through the sale of American cars in West Africa.
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.
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