Lebanese Canadian Bank laundered money for Hezbollah, says US in lawsuit
Source: BI-ME with Bloomberg , Author: Posted by BI-ME staff
Posted: Sat December 17, 2011 12:56 pm
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INTERNATIONAL. Lebanese Canadian Bank and two Lebanese exchange houses helped launder more than US$480 million for the Hezbollah terrorist group in a scheme that involved buying and selling used cars, the U.S. said in a civil complaint.

Federal prosecutors filed a lawsuit in Manhattan today claiming the defendants took money from Lebanon to buy used cars in the U.S. and sell them in West Africa. Money from the car sales and from drug trafficking was funneled through Hezbollah- linked money laundering channels back to Lebanon, according to the complaint.

“The intricate scheme laid out in today’s complaint reveals the deviously creative ways that terrorist organizations are funding themselves and moving their money, and it puts into stark relief the nexus between narcotics trafficking and terrorism,” U.S. Attorney Preet Bharara said in a statement today.

The U.S. Treasury Department in February identified Lebanese Canadian Bank as a “financial institution of primary money laundering concern,” according to the statement. As a result, financial institutions in the U.S. cut their ties to the bank, making it impossible for it to send money to the U.S., prosecutors said.

Hezbollah, based in Lebanon, was designated as a foreign terrorist organization by U.S. President Bill Clinton in 1997. The suit filed Thursday also names as defendants Hassan Ayash Exchange Co. and Ellissa Holding, both Lebanese exchange firms.

 

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SAUDI ARABIA. Often businesses will seek to explore the market through a partner or a third party with which employees are placed and through which they seek to operate in the Kingdom.
QATAR. In the end, monetary policy can be powerful in the short-term but is unlikely to change the long-term predicament of the Euro Area. The ECB may succeed in preventing prolonged deflation from taking hold, but this is a not a sufficient condition for sustainable growth.
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