Treasury Department Official Tightens Noose on Syria Through Beirut Visit
A top U.S. Department of the Treasury official is expected to urge Lebanon on Tuesday to abide by the U.S. and European Union sanctions imposed on Syria, Lebanese dailies said.
An Nahar newspaper quoted political sources as saying that Under Secretary for Terrorism and Financial Intelligence David Cohen will urge Central Bank Governor Riyad Salameh and other high-ranking officials to prevent Lebanese banks from offering any support that would help the Assad regime escape the sanctions.
[Cohen has 13 years with JP Morgan...CV] |
| Under Secretary for Terrorism and Financial Intelligence David Cohen |
A top U.S. Department of the Treasury official is expected to urge Lebanon on Tuesday to abide by the U.S. and European Union sanctions imposed on Syria, Lebanese dailies said.
An Nahar newspaper quoted political sources as saying that Under Secretary for Terrorism and Financial Intelligence David Cohen will urge Central Bank Governor Riyad Salameh and other high-ranking officials to prevent Lebanese banks from offering any support that would help the Assad regime escape the sanctions.
According to the sources, Cohen’s visit is also aimed at following up the case of the Lebanese Canadian Bank which the Treasury Department has accused of laundering hundreds of millions of dollars on behalf of a drug lord with alleged links to Hizbullah.
The Lebanese subsidiary of Societe Generale (SGBL) acquired the assets of the LCB in September last year but there are still around $400 million worth of lawsuits filed against it in the U.S.
Al-Liwaa daily quoted a high-ranking Central Bank source as saying that Salameh has prepared all his answers to the explanations and remarks that the U.S. official and his accompanying delegation would express.
Salameh would stress that Lebanon is abiding by the sanctions imposed on the Syrian regime, the source said.
Minister of State Marwan Khaireddine also stressed that not a single Lebanese bank is under the suspicion of violating laws on money smuggling in favor of Syrian officials.
The government took precautionary measures last week, including amending the law on money laundering, and referred it to parliament for adoption, he told al-Liwaa.
According to An Nahar, Cohen would also discuss with monetary authorities Lebanon’s ability to sign a bilateral agreement on the exchange of tax information in accordance with a law issued in the U.S. lately.
In addition to the money laundering draft-law, the cabinet approved last week a bill on the exchange of tax information based on international standards.
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