U.S sanctions Jammal Trust Bank for aiding and abetting Hezbollah

It accused the bank of “assisting in, sponsoring, or providing financial, material, or technological support for, or financial or other services to or in support of, Hezbollah.”
by Georgi Azar

29 August 2019 | 00:50

Source: by Annahar Staff

  • by Georgi Azar
  • Source: Annahar Staff
  • Last update: 29 August 2019 | 00:50

A file photo of the White House in Washington DC (Reuters Photo)

BEIRUT: The U.S Treasury sanctioned Thursday Lebanese bank Jammal Trust Bank for “knowingly facilitating banking activities” for the Iranian-backed militant group Hezbollah.

It accused the bank of “assisting in, sponsoring, or providing financial, material, or technological support for, or financial or other services to or in support of, Hezbollah.”

It also designated Jammal Trust’s Lebanon-based subsidiaries Trust Insurance S.A.L., Trust Insurance Services S.A.L., and Trust Life Insurance Company S.A.L., for being owned or controlled by Jammal Trust. 

“Treasury is targeting Jammal Trust Bank and its subsidiaries for brazenly enabling Hizballah’s financial activities.  Corrupt financial institutions like Jammal Trust are a direct threat to the integrity of the Lebanese financial system,” a statement released by the Treasury read.

Marshall Billingslea, who is currently serving as the Assistant Secretary for Terrorist Financing in the U.S Department of the Treasury, blamed Hezbollah for "threatening the stability and security of Lebanon and the region," accusing the group of "perpetrating terrorism against innocent civilians, needlessly exposing Lebanon to significant economic and financial risks, and undermining Lebanon’s sovereignty and democratic institutions."

He accused the bank's management of actively working with Hezbollah MP Amin Sherri and concealing Hezballah’s affiliation with "these accounts from the Central Bank of Lebanon. 

Meanwhile, U.S Secretary of State Mike Pompeo, along with Billingslea, said that the JTB has attempted to conceal its relationships with numerous front companies for the U.S.-designated Martyrs Foundation.

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