Head of Association of Lebanese Banks: Talk of 3 Banks on U.S. Treasury List Unwarranted

			Welcome
English

Local Business

Joseph Torbey, head of the Association of Lebanese Banks, criticized on Monday statements that three Lebanese banks are on a U.S. Treasury list of banks suspected of conducting illegal activity.
He told LBC: "Such claims are a cheap promotion of a non-existent cause."

"The Lebanese bank system is equipped with the best information and surveillance systems," he added.

There is no information that any other Lebanese bank is on this list, he continued.

Torbey stressed: "The Lebanese bank system is safe and there is international approval of it."

On February 10, the U.S. accused the Beirut-based Lebanese Canadian Bank of laundering hundreds of millions of dollars in drug profits for a cocaine smuggling organization with ties to Hizbullah.

The bank has denied the accusations.

An agreement has since been reached to merge the bank with Societe Generale.

Beirut, 07 Mar 11, 12:48


Your Comments


You Make the News

Cast Your Comments on this Article
View & Recommend Readers' Comments

Other Headlines

MEA to Buy New Aircraft with Fransabank Funding

HSBC: Soaring Oil Prices Stimulate Flow of Liquidity into Lebanese Market

Arab Forum for Environment and Development Concludes Consultation Meetings on Green Economy in Cairo, Beirut, Amman

Raya al-Hassan Holds Talks with World Bank, IMF Officials

Bank Audi: Lebanon's Banking Sector Not Influenced by Regional Turmoil

Lebanese Businessman Clinches $643-million Deal to Buy 7 European Hotels

U.S. Embassy Gives Lebanese Teachers Opportunity to Enhance Skills

Safadi Tells Abdullah that Nahr al-Bared Rebuilding is 'Essential'

U.S. Commits $12 Million to Foster Economic Growth in Lebanon

U.S. Embassy Official Denies Lebanese Bank 'Watch List'

AUB Signs Student Loan Deals with Fransabank, BLOM

Head of Association of Lebanese Banks: Talk of 3 Banks on U.S. Treasury List Unwarranted

Mexico Tycoon Slim to Buy Tabasco Oil

Greek Exports Turn to Arab World, Including Lebanon, for New Markets


Other Categories

Editorials
SpecialReports
Lebanon
Middle East
The World
Interview
Away From Politics
World Business
Culture
Lebanon Sports
World Sports
Technology
Health
Fringe


Comments

Please wait while we load the comments

Click to Comment
Recommend Readers' Comments to Promote Their Views