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Lebanese lenders vow compliance with US sanctions
- Lebanon: Tuesday, April 30 - 2013 at 03:49
Lebanon's Association of Banks (ABL) have said they would comply with any sanctions imposed by the US Treasury, after two Lebanese money exchange houses were designated as a primary money-laundering concern, The Daily Star has reported. Last week, the US Treasury Department accused Kassem Rmeiti & Co and Halawi Exchange Co of laundering millions of dollars of narcotics profits and funnelling the money to Hezbollah. "ABL members will continue to do due diligence on their customers, enforce all sanctions imposed by the US Treasury, and will not do business with any person or entity included on the OFAC (Office of Foreign Assets Control) or any international sanctions list," said the ABL.
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