U.S. blacklists Lebanese Canadian Bank for alleged ties to Hezbollah | Toronto Telegraph

U.S. blacklists Lebanese Canadian Bank for alleged ties to Hezbollah

The Globe and Mail Thursday 10th February, 2011

Washington has blacklisted the Beirut-based Lebanese Canadian Bank, alleging it is a money-laundering front for a criminal network that is said to be moving hundreds of millions of dollars in drug money, including some of it to Hezbollah militants.In a release Thursday, Washington called the bank "a financial institution of primary money laundering concern" that was illegal under the U.S. Patriot Act. The U.S. Treasury Department and Drug Enforcement Administration are now working to shut the bank down."Treasury has reason to believe that LCB managers are complicit in the [drug] network’s money laundering activities," the statement said. "Today’s action also exposes the terrorist organization Hezballah’s links to LCB and the international narcotics trafficking and money l...

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