Bloomberg News

U.S. Sanctions Lebanese Exchange Houses for Money Laundering

April 23, 2013

The U.S. Treasury Department said it took actions against two Lebanese exchange houses, Kassem Rmeiti & Co. For Exchange and Halawi Exchange Co., for what it called money laundering.

“Today’s action reflects the Treasury Department’s continuing commitment to target illicit financial networks that launder millions of dollars in funds for narcotics traffickers and that, in the process, provide substantial financial benefits to the terrorist organization Hizballah,” the department said in a statement today in Washington.

The action was taken under Section 311 of the USA Patriot Act, the first time that section was used against a non-bank financial institution, the Treasury said in a statement today.

To contact the reporter on this story: Kasia Klimasinska in Washington at kklimasinska@bloomberg.net

To contact the editor responsible for this story: Chris Wellisz at cwellisz@bloomberg.net


Race, Class, and the Future of Ferguson
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus