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:

Comments

Recommended

There is definitely a second-generation Super Series from McLaren. Even in camouflaged form, it is simply incredible. But while we still don’t have the full data on how truly dynamic...
by - February 25, 2017
A lot of fans are excited with the news that Porsche could be unveiling a performance version of its Panamera 4 E-Hybrid plug-in hybrid during the 2017 Geneva Auto Show. ...
by - February 25, 2017
Tesla is finally setting a more “definite” schedule with regards to the official launch of the Tesla Model 3 electric car. A “limited production” is said to be slated to...
by - February 25, 2017
Are you a big fan of legendary boxer Mike Tyson, the former heavyweight world champion? Or are you a big fan of the iconic Ferrari F50? Either way, you will...
by - February 24, 2017
It seems that AM-RB 001 hypercar is not the only vehicle project that Aston Martin and Red Bull Racing has gone into. This time, don’t expect something as outlandish as...
by - February 24, 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