Beirut banks funneling illicit funds for Hezbollah

Beirut banks funneling illicit funds for Hezbollah

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Via JPost:

In a move that could destabilize Beirut’s financial position, a US pressure group urged international financial firms on Tuesday to ditch Lebanese debt and securities, saying that Hezbollah is using Lebanon’s banks in a large scale money-laundering scheme that is also helping Iran evade banking sanctions.

New York-based United Against a Nuclear Iran (UANI) made public the results of a three-month, confidential investigation into the influence of Iran and Hezbollah on Lebanon’s banking system and its sovereign bond market. The group says Lebanon’s financial system – including Banque du Liban, the country’s central bank – is being used to funnel massive amounts of illicit cash from Hezbollah and its state sponsor, Iran.

Lebanon’s banks then use the laundered money to buy Lebanese sovereign debt, which has the effect of making the country appear far more financially stable than it actually is, UANI claims.

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