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.
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