Reopening al Madina bank file by Madi raised suspicions

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.