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. The U.S. Southern District of New York issued the in rem forfeiture action and civil money laundering complaint Thursday, citing a web of banks and exchange houses that knowingly or unwittingly facilitated the alleged plot. Lebanese Canadian Bank, BLOM Bank, Middle East and Africa Bank and Federal Bank of Lebanon all processed funds for Hezbollah, the department said. The blacklisted militant group used foreign exchange businesses based in Lebanon to...
A European Union decision to impose sanctions on Hezbollah's military wing will also compel financial institutions in Europe to comb their accounts for links to the group's social services and fundraising arms.
Two lobbying groups are asking the U.S. Treasury Department to amend proposals that would require banks to close accounts and maintain additional records for three companies accused of aiding terrorists and money launderers.
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.
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.