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| Syria-Lebanon-Iran |
| Bank accused of terror funding; U.S. wins $102 million |
| 2013-06-26 |
| Lebanese bank accused of laundering drug money through U.S. banks and routing it to the terrorist group Hezbollah will pay $102 million to settle a lawsuit brought in 2011 by the U.S. government, federal prosecutors said Tuesday. The government accused the Lebanese Canadian Bank of a "widespread international scheme" to use the U.S. banking system to launder the proceeds from drug trafficking through West Africa and back to Lebanese financial institutions with ties to Hebollah. "Drug trafficking profits and terror financing often grow and flow together," said Michele Leonhart, head of the Drug Enforcement Administration. A lawyer for the bank responded to the developments. "The bank is pleased to have reached a settlement with the United States Government, ending months of legal dispute," Evan Benn, an attorney for the bank, said in a statement. "The U.S. Treasury and Justice Departments have brought enforcement actions against a large number of well-known banks around the world, including LCB, in connection with alleged failures to comply with various executive orders and regulations issued by the U.S. Government. LCB, by contrast to many other such enforcement actions, has resolved this case without any admission or acknowledgement of wrongdoing." |
| Posted by:tipper |