Syrians chafing under U.S. sanctions against the country's largest bank are likely attempting to use Lebanese financial institutions to circumvent restrictions, according to the U.S. Treasury Department. Since Aug. 10, the department has required U.S. financial institutions to block any assets or transactions related to the Commercial Bank of Syria (CBS) and its Lebanon-based subsidiary, Syrian Lebanese Commercial Bank (SLCB) after the Syrian government violently cracked down on political protesters. As part of an international trip that began Tuesday, the department's Assistant Secretary Daniel Glaser will "highlight the need for authorities to remain vigilant against attempts by the Syrian regime...
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.