U.S. authorities have blacklisted one of Beirutâ€™s major financial institutions, Lebanese Canadian Bank, alleging that it is part of a drug trafficking network that benefited the banned Islamist group Hezbollah.
The bank was involved in a complex scheme in which cocaine was shipped from Colombia and Panama and retailed in Europe and the Middle East, U.S. officials said. They alleged that the proceeds were deposited with LCB in Beirut, wired to U.S. accounts and used to buy second-hand cars that were resold in western Africa.[Source]
Over 200 million dollars were being laundered on a monthly basis according to the report.
This is going to be bad news for a lot of Lebanese. Assuming this is true, The Central Bank will probably take out the bank’s license and save whatever is left of it before it’s too late, because I am assuming people have started taking out their money from the bank already.
The Bank has already issued a statement on its main website claiming it has nothing to do with this. They were one of Lebanon’s top banks and were building their new headquarters in the middle of the Martyrs square.
Update: here’s the alleged money laundering scheme.
To prove that this is true, it will take a long long time!!!
Now this is just stupid 🙂
Another American propaganda since the Government does not comply with their “standards” 🙂
I might take a long time H but it might take much less before the bank collapses if people are too afraid to deposit money in it.
This is not stupid at all as our banks’ ratings are based on international standards and our whole economy is based on the financial institutions.
Oh well, banking secrecy is a double-edged sword.
Well Rhea you could be right. As your country is slipping to a theocracy…You should abide by terror and drug trafficking standards; Not international laws.
Stop panicking – this really means nothing. Just another way for the U.S. to show its love and support for the Lebanese.
I was listening to the bank director speaking on Kalam l nas yesterday and he confirmed the bank was not yet accused of anything as there is contact with US authorities to start an investigation over the issue , this is just a media article which claims a yet unjustified accusation, which obivously seems suitable for you to spread..I am far from experienced in journalism given that I hate it, but I’m assuming by logic that a good journalist, when presented with such type of articles which are based on theories, should not post and spread them until the accusations are confirmed, otherwise, and knowing that similar claims and articles are written in dozens daily while yet you selectively choose which to spread and which not to spread, this is biased journalism..
I just have one thing to say, I hope that in case the Bank is proven innocent of all charges (and I really don’t care if it is or not), you write another post clarifying the facts, I say that because although I’m not a regular on this blog, I still remember when you wrote the headline “We are paying for minister Nahhas’ trips” based on another blog’s source, and although that other blog (which was your source!) stood corrected over those claims, you did not apologize for you accusations on this blog, you left the picture the way it was, this is bad to the credibility and image of this blog as it is an obvious way to fool the readers and lead them into a specific belief, instead of just reporting facts and letting them decide what to believe and what not to believe..
I’m a man who likes to have a clear conscious, and this is how I would do things, is all I’m saying..
Just another question, why would people remove their money from the bank over alleged accusations?
What federal bank?????????????!!!
Lebanese federal bank ya A.
Its the central bank not the federal bank
Thank you H
Sad for the country