U.S. Seizes $150 Million In Hezbollah Funds

DEA snags cash. Credits: DEA

DEA Disrupts Hezbollah $150 Million Money Laundering Scheme -- Examiner

Today the Drug Enforcement Administration (DEA) confirmed that they disrupted a Hezbollah $150 million money-laundering front using the now defunct Lebanese Canadian Bank (“LCB”), as well as U.S. financial systems to launder illegal drug trafficking proceeds through West Africa and then back into Lebanon.

The DEA alleges the Société Générale de Banque au Liban (SGBL) agreed to purchase most of the LCB assets, including at least $150 million in funds related to that sale that are now being held at Lebanese bank Banque Libano Française SAL (“BLF”). The DEA further discloses the terrorist organization’s money was seized pursuant to seizure warrants issued last week. However, the DEA quickly pointed out “there are no allegations of wrongdoing against BLF, SGBL, or the U.S. bank that maintains the correspondent accounts.”

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More News On The U.S. Seizing $150 Million In Hezbollah Funds

Feds Grab $150 Million Tied to Hezbollah Money-Laundering -- Bloomberg Businessweek
U.S. seizes $150 million from Lebanese bank in laundering scheme -- Reuters
Hezbollah tied to seized cash -- Washington Times
U.S. Seizes $150 Million in Alleged Hezbollah-Linked Cash -- Wall Street Journal
U.S. seizes $150 million linked to Hezbollah money laundering -- CNN
U.S. seizes $150 million from Lebanese bank in laundering scheme -- Al Arabiya