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Hezbollah bank fined

July 11, 2013

The fine of $102 million against Lebanese Canadian Bank is far less than the $1.9 billion settlement with HSBC or the $600+ million settlements with ING and Standard Chartered last year.  It also appears that nobody from the bank will ever face prosecution for aiding Hezbollah, and the extradition of one of their big-time money laundering clients, Ayman Joumaa, appears to have stalled.

From Agence France Presse (h/t El Grillo):

US fines ‘Hezbollah’ bank $102 mn for laundering

(AFP) – Jun 25, 2013

WASHINGTON — A Lebanese bank accused of laundering money from drugs and other operations for clients tied to Hezbollah militants agreed Tuesday to pay US authorities $102 million to settle the charges.

Beirut-based Lebanese Canadian Bank was singled out in February 2011 for allegedly moving hundreds of millions of dollars for criminal groups and traffickers operating in Latin America, West Africa and the Middle East.

Some of the customers it served were closely linked to Hezbollah, which Washington has blacklisted as a “terrorist organization.”

US authorities had already taken control of $150 million the bank set aside for a possible penalty as it was being bought in 2011 by another Beirut bank, Societe Generale de Banque au Liban…

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4 comments

  1. The back story is always more involved than the Treasury press release. This is more akin to a failure than a success. Thanks for clarifying.


  2. Reblogged this on The Firewall.


  3. […] of course, Terrorists need a safe institution to hold their funds (wordpress post of Agence France Presse […]



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