Anti-Iran Group Pushes U.S. to Designate Lebanese Financial System as Money-Laundering Concern
New York-based United Against Nuclear Iran, or UANI, is pushing for the U.S. Treasury Department to designate Lebanon's financial system as a "money-laundering concern" under a statute of the Patriot Act, the Wall Street Journal reported.
But the Journal said that while the Treasury is focused on weakening the finances of Hizbullah and its main backers Iran and Syria, there is also a concern that Washington's allies in Lebanon could be harmed if Beirut's financial position deteriorates.
Last week, the Treasury set sanctions on two Lebanese-born men, Abbas Hussein Harb and Ibrahim Chibli, for helping Hizbullah-linked Lebanese drug lord Ayman Joumaa launder what it said were millions of dollars of narcotics-related proceeds.
Harb led a network based in Colombia and Venezuela that moved the money through Lebanese banks; Chibli helped in his position as a branch manager of Lebanon's Finicia Bank to help the operation, the Treasury said.
According to the Wall Street Journal, UANI is pressuring Major Wall Street and European financial firms to dump their holdings in Lebanese debt and securities over charges that Hizbullah is using Beirut's banking system to launder money and helping Syria and Iran evade international sanctions.
UANI is a group of former U.S. diplomats, security officials, academics and others aimed at raising pressure on Tehran.
Mark Wallace, a former U.S. ambassador to the United Nations, is the group's president.
UANI has sent letters to private-equity firm Blackstone Group LP, mutual-fund firm Fidelity Investments, international bank HSBC Holdings PLC, and Germany's DekaBank Group in recent months to lobby them to unload their Lebanese holdings, the Journal reported.
Three financial firms, Ameriprise Financial Inc., Finland's Aktia Bank, and Vienna-based Erste-Sparinvest KAG, have already confirmed that they divested themselves of their holdings in Lebanese securities in recent months, though they didn't cite the amounts of their investments, it said.
HSBC and DekaBank both contacted UANI and said they also were investigating the charges raised against Lebanon. Fidelity said it would comply with all U.S. regulations concerning investments in Lebanon. Blackstone said it is reviewing the matter and will respond later, it added.
03 July 2012, 11:33
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This is a show what can the west do in the name of democracy and terrorism. Now it is done and HA is the excuse, but it will be used when they need to keep the Palestinians in Lebanon.
03 July 2012, 13:14
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"The west"...oooooooooh that evil west!! Some more mature analysis from both sides would really be useful. UANI is not "the west" and Hisbullah is a Lebanese party representing a big chunk of the Lebanese people so calling it hizbushaitann does not go along your(geha) Lebanese flag icon!
03 July 2012, 15:05
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lebneneh: you seem to be new to this site thus you might have missed my clarification about their name.
however, and for the nth time, they chose the wrong name, as if we accept their name and we are against them, one becomes against God, which is not the case..
anyway, hizbushaitan are not lebanese for the simple fact of their association with iran and following their orders.
04 July 2012, 07:09
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The lebanese are still sleeping inside the cabbage. They think they are alone on this planet. The world is moving forward and Lebanon backward at an even faster pace. Its a pity. Lebanese are supposed to be the most educated in the region, yet when it comes to religion, they all go back to the dark ages. This is high treason people when you work for an outside country against your own. Iran and syria will eventually drop you when their interests come first. Then I wonder if you are going to realise that you have been used. Would be too late I guess.
