The US Department of the Treasury took action against the Lebanese Canadian Bank SAL this week, charging that the bank facilitates Jihadist terrorist group Hezbollah’s money laundering activities. In its 14 page report the Treasury Department designated the bank as being of “primary money laundering concern,” the effect of which is to place sanctions on the bank that limit its ability to launder money. The amount of money alleged to have been laundered is $200 million per month, the proceeds from Hezbollah’s cocaine trafficking business.
Not surprisingly, the bank and Lebanon’s central bank both denied the US Treasury department’s charges. Of course, given that Hezbollah is now essentially in political control of Lebanon, these denials ring hollow.