Salam Says U.S. Banking Sanctions Must Stay away from Spotlight

by Naharnet Newsdesk 16 May 2016, 08:49

Prime Minister Tammam Salam emphasized that the banking sanctions file against Hizbullah is a sensitive issue that must be kept away from the media spotlight, As Safir daily reported on Monday.

Salam has voiced calls “to keep the issue away from political deliberations and from the media because it is an important and critical file that has specific circumstances,” the daily quoted visitors to the PM.

The Prime Minister assured in front of his visitors that he is addressing the matter with Finance Minister Ali Hassan Khalil and Central Bank Governor Riad Salameh.

He pointed out that things are “still under control knowing that no progress or a setback has been recorded.”

In April, Lebanese banks began taking measures against persons or institutions in accordance to a U.S. law that imposes sanctions on banks that knowingly do business with Hizbullah.

U.S. President Barack Obama signed the Hizbullah International Financing Prevention Act on Dec. 18. Since then, Lebanese officials and bankers have been flying to Washington to discuss the move with American officials.

The U.S. treasury department's Office of Foreign Assets Control, or OFAC, issued regulations last month aimed at implementing the Hizbullah financing prevention act.

Many in Lebanon are worried that the U.S. legislation will have negative effects on the Lebanese banking sector, which is one of the most active industries in the country.

OFAC's list includes names of officials, businessmen and institutions that the U.S. says are linked to Hizbullah. The list includes the Hizbullah leader Sayyed Hassan Nasarallah and top military commander Mustafa Badreddine as well as some businessmen. The list also includes the group's al-Manar TV and Al-Nour Radio.

Nasrallah said in December 2015, when the law was signed, that his group does not deal with Lebanese or foreign banks.

D.A.

M.T.

Source: Naharnet

https://www.naharnet.com/stories/en/209330