U.S. Treasury Official Warns of Abuse of Lebanese Financial Sector to Evade Iran, Syria Sanctions

U.S. Treasury Deputy Secretary Neal Wolin warned on Tuesday of attempts to exploit the Lebanese financial sector to evade sanctions on Iran and Syria, said the U.S. Embassy in a statement.

He said “further underscored the need for Lebanon to prevent abuse of the Lebanese financial sector by illicit actors and for Lebanese banks and regulatory authorities to remain vigilant against the evasion of sanctions by Iran and Syria.”

He made his remarks after meeting with President Michel Suleiman, Prime Minister Najib Miqati, Minister of Economy Nicolas Nahhas, Bank of Lebanon Governor Riyad Salameh, and a number of representatives from the Lebanese banking community.

In his meetings, Deputy Secretary Wolin expressed his confidence in the ability of the Lebanese economy and financial system to weather the impact of the Syria crisis, added the embassy statement.

He encouraged Lebanese officials to take steps to reduce Lebanon’s economic vulnerabilities and promote sustainable growth, including reducing the public debt burden and improving the regulatory and infrastructure system to promote private sector growth.

He renewed the commitment of the United States to a stable, sovereign and independent Lebanon.