US sanctions Lebanese bank for laundering money for Hezbullah
The United States has sanctioned Lebanese Canadian bank SAL for laundering money for drug traffickers and supporting Hezbullah (Hat Tip: Ya Libnan). The U.S. Treasury Department on Thursday designated Lebanese Canadian Bank SAL as a "primary money laundering concern" under Patriot Act provisions aimed at curbing terrorism finance.Probably just the tip of the iceberg....
Treasury and U.S. Drug Enforcement Administration officials alleged that hundreds of millions of dollars in drug proceeds were laundered through accounts at the lender.
In a statement, the bank denied "knowledge of any involvement in any manner whatsoever in illicit transactions or wrongdoing." The bank said it was "committed to fully cooperate and coordinate with the relevant regulatory authorities in an effort to demonstrate the integrity and transparency of its operations."
Last month, Treasury officials made an initial move against the laundering network by designating its alleged leader, Ayman Joumaa, as a drug kingpin and seeking to seize assets belonging to him and associates. The DEA says the Joumaa network moves as much as $200 million per month through various conduits, including bulk-cash smuggling, deposits in Lebanese exchange houses and shipments of consumer goods.
Stuart Levey, undersecretary for terrorism and financial intelligence, said the action was intended to "protect the U.S. financial system from illicit proceeds flowing through LCB" and to deprive the Joumaa network from access to the legitimate financial system. Investigators leading the probe believe Lebanese Canadian Bank managers "are complicit in the network's money-laundering activities," Mr. Levey said.
U.S. officials said they advised Canadian officials of their actions but that the alleged offenses didn't occur in Canada. The Lebanese Embassy in Washington didn't immediately respond to a request for comment.
In a related move Thursday, Treasury's Financial Crimes Enforcement Network, known as FinCen, proposed measures that, if approved, would largely prohibit U.S. financial institutions from doing business with the Lebanese bank.
Labels: drug running, Hezbullah fundraising, Lebanese Canadian Bank, money laundering
posted by Carl in Jerusalem @ 12:46 PM
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