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.
The U.S. House of Representatives Tuesday unanimously passed a bill aimed at foreign banks that provide financial services to Hezbollah, an Iran-backed, Lebanon-based Shiite militant group.
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 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.
A transactional data handover mandated under a $102 million settlement disclosed Tuesday between the U.S. Justice Department and a defunct Beirut bank will likely lead to new financial crime investigations.
The U.S. Treasury Department sanctioned four Lebanese nationals for terrorist ties, the EU is looking to step up its fight against tax evasion by expanding the automatic exchange of information between member states' tax administrations, and more, in the midweek roundup.
The U.S. Treasury Department Tuesday proposed designating two Beirut-based currency exchange houses under the Patriot Act for allegedly helping Lebanese drug traffickers launder millions of dollars.
A congressional panel Thursday approved a measure requiring the White House to publicly report on the financial networks used by Iran and Hezbollah in South America to evade U.S. financial sanctions.
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.
OFAC blacklisted nine individuals and two entities in South Americas tri-border region for providing financial and logistical support to the Hezbollah terrorist organization.