Latest news with #financialban
Zawya
7 days ago
- Business
- Zawya
Lebanon bans dealing with Hezbollah financial entity
BEIRUT: Lebanon's central bank has banned banks and brokerages from dealing with a Hezbollah-affiliated financial institution, according to a circular, a sign of the group's diminished sway over state affairs since its devastating war with Israel. Keeping up military pressure on the Iran-backed group, Israel on Tuesday launched some of its heaviest airstrikes since a ceasefire in November, saying it hit training camps and weapons depots in eastern Lebanon. A security source in Lebanon said 12 people were killed, five of them Hezbollah fighters. Hezbollah has faced mounting pressures since the war, including financial ones. In the circular, dated Monday and reviewed by Reuters, Banque du Liban prohibited all licensed financial institutions in Lebanon from dealing directly or indirectly with unlicensed entities and listed Hezbollah's Al-Qard Al-Hassan as an example. U.S. Special Envoy Thomas Barrack described the move in a post on X on Tuesday as a "step in the right direction." The ban follows a visit by the U.S. envoy to Beirut last week, where he received Lebanon's reply to a U.S. proposal on disarming Hezbollah. "Transparency and alignment of all financial intermediaries in Lebanon under the supervision of the Central Bank is a valued and necessary accomplishment," he said. The U.S. Department of the Treasury imposed sanctions on Al-Qard Al-Hassan in 2007, saying Hezbollah used it as a cover to manage "financial activities and gain access to the international financial system." Bolstered by its powerful arsenal, Hezbollah had long exercised decisive influence over Lebanese state affairs, but it was unable to impose its will in the formation of a post-war government in February. Al-Qard Al-Hassan, founded in 1983, describes itself as a charitable organisation that provides loans to people according to Islamic principles that forbid interest. Israel struck some of its branches during its war with Hezbollah last year. Operating as a not-for-profit organisation under a licence granted by the Lebanese government, it has more than 30 branches, mostly in predominantly Shi'ite Muslim areas of Beirut, southern Lebanon, and the Bekaa Valley. SHADOW ECONOMY A Lebanese official said the central bank move had been in the works for months, and reflected U.S. pressure on Lebanon to take action against Hezbollah's financial wing. Nassib Ghobril, chief economist at Byblos Bank, said Lebanese banks were already careful to avoid dealing with Al-Qard Al-Hassan because it is under U.S. sanctions. "The important point is that finally the authorities are addressing the shadow economy in Lebanon, which is the real problem," he said, adding that authorities had long failed to address its "toxic effects". In June, the European Commission included Lebanon in an updated list of high-risk jurisdictions presenting strategic deficiencies in their national anti-money laundering and countering the financing of terrorism. Last year, global financial crime watchdog FATF placed Lebanon on its "grey list" of countries under special scrutiny. (Additional reporting by Maya Gebeily and Tom Perry in Beirut and Steven Scheer in Jerusalem; Writing by Nayera Abdallah and Tom Perry; Editing by Alison Williams, Gareth Jones, Rod Nickel)
Reuters
7 days ago
- Business
- Reuters
Lebanon bans dealing with Hezbollah financial entity
BEIRUT, July 15 (Reuters) - Lebanon's central bank has banned banks and brokerages from dealing with a Hezbollah-affiliated financial institution, according to a circular, a sign of the group's diminished sway over state affairs since its devastating war with Israel. Keeping up military pressure on the Iran-backed group, Israel on Tuesday launched some of its heaviest airstrikes since a ceasefire in November, saying it hit training camps and weapons depots in eastern Lebanon. A security source in Lebanon said 12 people were killed, five of them Hezbollah fighters. Hezbollah has faced mounting pressures since the war, including financial ones. In the circular, dated Monday and reviewed by Reuters, Banque du Liban prohibited all licensed financial institutions in Lebanon from dealing directly or indirectly with unlicensed entities and listed Hezbollah's Al-Qard Al-Hassan as an example. U.S. Special Envoy Thomas Barrack described the move in a post on X on Tuesday as a "step in the right direction." The ban follows a visit by the U.S. envoy to Beirut last week, where he received Lebanon's reply to a U.S. proposal on disarming Hezbollah. "Transparency and alignment of all financial intermediaries in Lebanon under the supervision of the Central Bank is a valued and necessary accomplishment," he said. The U.S. Department of the Treasury imposed sanctions on Al-Qard Al-Hassan in 2007, saying Hezbollah used it as a cover to manage "financial activities and gain access to the international financial system." Bolstered by its powerful arsenal, Hezbollah had long exercised decisive influence over Lebanese state affairs, but it was unable to impose its will in the formation of a post-war government in February. Al-Qard Al-Hassan, founded in 1983, describes itself as a charitable organisation that provides loans to people according to Islamic principles that forbid interest. Israel struck some of its branches during its war with Hezbollah last year. Operating as a not-for-profit organisation under a licence granted by the Lebanese government, it has more than 30 branches, mostly in predominantly Shi'ite Muslim areas of Beirut, southern Lebanon, and the Bekaa Valley. A Lebanese official said the central bank move had been in the works for months, and reflected U.S. pressure on Lebanon to take action against Hezbollah's financial wing. Nassib Ghobril, chief economist at Byblos Bank, said Lebanese banks were already careful to avoid dealing with Al-Qard Al-Hassan because it is under U.S. sanctions. "The important point is that finally the authorities are addressing the shadow economy in Lebanon, which is the real problem," he said, adding that authorities had long failed to address its "toxic effects". In June, the European Commission included Lebanon in an updated list of high-risk jurisdictions presenting strategic deficiencies in their national anti-money laundering and countering the financing of terrorism. Last year, global financial crime watchdog FATF placed Lebanon on its "grey list" of countries under special scrutiny.
Yahoo
26-06-2025
- Business
- Yahoo
Ex-Barclays CEO Staley loses appeal against UK ban over Epstein ties
LONDON (Reuters) -Former Barclays boss Jes Staley on Thursday lost his high-stakes appeal against a proposed financial industry ban for misleading Britain's Financial Conduct Authority (FCA) over his relationship with Jeffrey Epstein. The FCA said in 2023 that it would ban Staley and fine him 1.8 million pounds ($2.4 million) for misleading the watchdog over his ties to late disgraced financier Epstein, which Staley challenged at London's Upper Tribunal. Staley said he had no idea about Epstein's "monstrous activities", though the case and his evidence brought to light Staley's emails with Epstein – whom he once called "family". The 68-year-old's case centred on a 2019 letter sent by Barclays Chair Nigel Higgins to the FCA, which approached the British bank shortly after Epstein's arrest on sex-trafficking charges brought scrutiny on Staley and the financier's other high-profile associates. The FCA says the letter contained two misleading statements: that Staley "did not have a close relationship" with Epstein and their last contact was "well before he joined Barclays in 2015". Staley, however, said both statements were accurate and that his "close business relationship" with Epstein diminished after he left his previous employer JPMorgan, where Epstein was once a major client. Upper Tribunal Judge Timothy Herrington ruled in the FCA's favour, meaning Staley's ban from holding a senior management role in the financial services industry was upheld. The 1.8 million-pound was, however, reduced to 1.1 million pounds. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
