BEIRUT: The US Treasury Department has slapped sanctions against a Lebanese currency exchange and its owner, Kassem Chams, for laundering money for drug cartels and financing the militant group Hezbollah.
The US designated Chams and his organizations as an affiliate network of Hezbollah pursuant to the Hezbollah International Financing Prevention Amendments Act, according to a statement released Thursday by the Treasury Department.
“Kassem Chams and his international money laundering network move tens of millions of dollars a month in illicit narcotics proceeds on behalf of drug kingpins and facilitate money movements for Hezbollah,” the statement quoted Under Secretary for Terrorism and Financial Intelligence Sigal Mandelker as saying.
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