Lebanese banks accused of laundering cash for Hezbollah

Jim Kouri

Public Safety Examiner

Three Lebanese financial institutions linked to Hezbollah laundered more than $300 million through the US second-hand car market, to a report obtained by the National Association of Chiefs of Police. 

A lawsuit filed by the US Justice Department accuses the Lebanese Canadian Bank and two money-exchange firms laundering drug-trafficking and criminal proceeds to help Hezbollah to buy and ship cars to West Africa.

The civil suit filed at Manhattan federal court on Thursday alleges that between January 2007 and early 2011 at least $329 million of drug-trafficking and criminal proceeds was wired from Lebanon to the US to buy second-hand cars, which were then transported to West Africa.

Cash from their sale was allegedly then smuggled to Lebanon, along with funds from Colombian and Mexican cartels.

Prosecutors are seeking $480 million in penalties from the three institutions. They say this represents the total amount of money laundered.

Source: http://www.examiner.com