US Edition
Lebanon’s Central Bank Bans Transactions with Hezbollah Financial
LEBANON, JUL 15 – Lebanon's Central Bank bans licensed institutions from engaging with Hezbollah's unlicensed financial arm amid international pressure to combat money laundering and terrorism financing.
- On Monday, Lebanon's central bank issued a directive banning all licensed financial institutions from transacting directly or indirectly with Al-Qard Al-Hassan, Hezbollah's financial arm.
- This directive follows growing international pressure, including U.S. and global watchdogs urging Lebanon to cut Hezbollah's financial networks amid a deep financial crisis.
- Al-Qard Al-Hassan operates over 30 branches mainly in Shiite areas and masquerades as a charitable group while managing interest-free loans based on Islamic principles.
- U.S. Special Envoy Thomas Barrack called the ban a “step in the right direction,” highlighting progress in supervising Lebanon's financial institutions properly.
- The directive sets a legal precedent with penalties including license suspension and asset freezing, signaling Lebanese authorities' rare move to restrict Hezbollah’s economic activities.
19 Articles
19 Articles
US envoy takes lighter touch with Hezbollah in Lebanon
Recent remarks by a senior U.S. diplomat suggest that Washington may be open to a more conciliatory approach to Hezbollah, the predominantly Shiite Lebanese movement that has been regarded by Washington as a terrorist proxy of Iran since it was blamed for the bombings of the U.S. Marine barracks and the U.S. Embassy in Beirut in 1983.During a visit to Beirut last week in which he pressed for Hezbollah’s disarmament, Tom Barrack, a successful rea…
Lebanon’s central bank bans dealings with Hezbollah finance arm
Lebanon’s central bank, the Banque du Liban (BDL) on Tuesday issued a directive banning financial institutions from dealing with unlicensed entities, including Hezbollah’s crisis-hit financial arm, Al-Qard Al-Hassan. In a circular, BDL said all banks, licensed financial institutions, intermediaries, and collective investment schemes are prohibited from engaging in any direct or indirect transactions, financial, commercial, or otherwise, with unl…
Lebanon bans dealing with Hezbollah financial entity
Lebanon's central bank has banned banks and brokerages from dealing with a Hezbollah-affiliated financial institution, according to a circular, a sign of the group's diminished sway over state affairs since its devastating war with Israel.
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