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

Hyundai Motor Group – including both Hyundai Motor and Kia Motors – has disclosed a wide-ranging plan to introduce 31 environment-friendly models in a new development roadmap that aims to...
by - August 22, 2017
Over a decade ago, Pagani took the Zonda to the Geneva Motor Show. The Zonda hypercar was then set to retire in 2013 together with the track-focused Revolucion. But here...
by - August 22, 2017
The newest Porsche Cayenne is scheduled be unwrapped by the end of the month after completing endurance tests worth 2.7 million miles. Since we are just a few weeks away...
by - August 22, 2017
This is the time of the year when automakers give us teasers and previews of their upcoming models. Now, it seems like BMW is ready to unveil the M5 (F90)...
by - August 22, 2017
It is quite common to revive classic cars if you have a lot of extra money. Models like the Jaguar XKSS and Aston Martin’s DB4 GT have been upgraded to...
by - August 21, 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