Selling used cars helped Hezbollah finance terorism

Article by Christian A., on December 17, 2011

In a civil complaint filed in Manhattan, federal prosecutors claimed that Lebanese Canadian Bank and two Lebanese exchange houses participated in a laundering scheme for the Hezbollah terrorist group for more than $480 million. The suit claims that defendants got money from Lebanon to purchase used cars in the U.S. and sell them in West Africa.

The complaint stated that money generated from car sales and from drug trafficking was directed through Hezbollah-linked money laundering channels and back to Lebanon.

In a statement, U.S. Attorney Preet Bharara said that the complaint discussed a complicated scheme that shows the ways that terrorist organizations fund themselves and transfer their money. Last February, the U.S. Treasury Department named Lebanese Canadian Bank as a "financial institution of primary money laundering concern.”

What happened next is that U.S. financial institutions ended their ties to the bank. This means that it could no longer send any amount to the U.S. In 1997, U.S. President Bill Clinton designated Hezbollah, based in Lebanon, to be a foreign terrorist organization. The suit was filed against two Lebanese exchange firms, Hassan Ayash Exchange Co. and Ellissa Holding. [source: Bloomberg]

If you liked the article, share on:

Pin It

Comments

Recommended

Reddit user Jdubbswrx spotted a rather deceptive move coming from the German automotive manufacturer Audi. He posted an image of the supposed exhaust of the new 2018 Audi SQ5 sporting...
by - March 29, 2017
McLaren car owners will be thanking the automotive company as it has decided to roll out new goodies for the 540C, 570S and 570GT sports car line-up. From this series...
by - March 29, 2017
On July 11, Audi is set to reveal its flagship luxury sedan, the all new A8. And at this moment, none of us are sure how this model will look....
by - March 29, 2017
The recent Porsche 911 is definitely considered one of the most elite sports car to grace the roads worldwide. The task of producing its successor is challenging enough for the...
by - March 29, 2017
British startup Zenos, which entered bankruptcy administration earlier this year is now back in business. The Norfolk-based sports car manufacturer was bought by a consortium of investors headed by AC...
by - March 29, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries