The House Committee on Foreign Affairs Thursday unanimously approved a measure that would penalize foreign banks that offer financial services to Hezbollah, an Iran-backed, Lebanon-based Shiite militant group.
A bipartisan bill targeting banks that offer financial services to Hezbollah is likely to garner broad political support among U.S. lawmakers, according to advocates of strong counterterrorist measures.
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.
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.
U.S. lawmakers Thursday questioned how a blacklisted Lebanese terrorist organization works with political leaders and narco-traffickers in Latin America.
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 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.
Four Canadians are suing the Montreal branch of Lebanese-Canadian Bank, alleging that the institution knowingly provided financial services to Hizbollah, an organization blacklisted internationally for terrorism.
OFAC blacklisted nine individuals and two entities in South Americas tri-border region for providing financial and logistical support to the Hezbollah terrorist organization.