General Prosecutor Judge Hatem Madi’s decision to reopen the fraud case of al-Madina Bank and the United Credit Bank raised questions over his intentions, days after he requested lifting the parliamentary immunity off MP Butros Harb . Madi asked on Thursday an experts committee to reveal the names of persons who had received funds from […]
Washington showing Lebanese Banks who’s boss
Over the past two years, US pressure on Lebanese banks reached unprecedented levels. The main indicator is the increased frequency of visits from US treasury envoys to Lebanon. The latest such visit was paid by Neal Steven Wolin, US deputy secretary of the treasury. Before him came Daniel Glaser, assistant
U.S. seizes $150 million in Hezbollah-linked funds
U.S. authorities on Monday announced the seizure of $150 million allegedly linked to a Hezbollah scheme to launder proceeds from drug trafficking and other crimes. The money came from a U.S. bank account used by the Lebanese Canadian Bank to conduct U.S. currency transactions, U.S. Attorney Preet Bharara and U.S. Drug Enforcement Administration chief Michele […]
HSBC exec resigns at money laundering hearing
HSBC Holdings Plc (HSBA)’s head of group compliance, David Bagley, told a Senate hearing he will step down amid charges the bank gave terrorists, drug cartels and criminals access to the U.S. financial
Hezbollah denies US accusations of drug trafficking
Hezbollah denied on Tuesday US Treasury Department’s accusation that the party was involved in drug trafficking and money laundering and called the allegations “pure lies and fabrications.” “This accusation falls within a US campaign [that seeks] to distort Hezbollah’s image,” the Iranian and Syrian backed militant group said in a statement.
U.S. Probes Lebanon Banking Deals
The Obama administration is intensifying its scrutiny of Lebanon’s financial system, concerned that Syria, Iran and the militant group Hezbollah are using Beirut’s banks to evade international sanctions and fund their activities.
U.S. envoy: US Treasury not targeting Lebanese banks
U.S. Ambassador Connelly met with the board of directors of the Association of Bankers in Lebanon, reassuring the ABL that the action taken by the U.S. Treasury against the Lebanese Canadian Bank was “not targeted against the Lebanese banking sector.”
Lebanese Canadian Bank denies link to Hezbollah
A Lebanese bank has denied accusations by the U.S. Treasury Department that it is involved in laundering hundreds of millions of dollars on behalf of a drug kingpin — and rejected claims it has links with Hezbollah, the Lebanon-based militia.
U.S. targets Lebanese-based drug, money laundering network
The U.S. Treasury Department said on Wednesday it was targeting a Lebanon-based drug trafficking and money laundering network suspected of doing as much as $200 million a month in business.