Mustaqbal: Hizbullah Stance on Banks Measures Exposes Lebanon to Extreme Danger
Al-Mustaqbal parliamentary bloc warned Tuesday that Lebanon's economy was facing “extreme danger” from Hizbullah's criticism of the measures that the Lebanese banks have started taking in compliance with an anti-Hizbullah U.S. sanctions law.
“The bloc strongly condemns the stance of Hizbullah's parliamentary bloc, which has called on Lebanese banks not to abide by the regulations of the international financial system, knowing that all world countries respect this system,” said Mustaqbal's bloc in a statement issued after its weekly meeting.
“Through this stance, Hizbullah is exposing Lebanon's economic and financial security, the banking system, and the savings of the Lebanese to extreme danger,” the bloc added.
A Hizbullah minister had warned during a cabinet session on Thursday that a “red line” had been crossed after two Lebanese banks reportedly suspended three Hizbullah-linked accounts in conformity with the U.S. sanctions law.
“Two Lebanese banks have suspended the accounts of two Loyalty to Resistance bloc MPs and the account of the daughter of an ex-MP who was in the bloc,” MTV and LBCI reported.
Earlier on Thursday, Hizbullah's parliamentary bloc said that U.S. sanctions on banks that knowingly do business with the group could threaten Lebanon's financial sector, hinting that supporters may withdraw their money from local banks.
The bloc also criticized Lebanon's Central Bank for saying it would abide by the U.S. law, which came into effect last month and which the Hizbullah lawmakers said violates Lebanon's sovereignty.
The bloc said the Central Bank and private banks would be participating in "a war of exclusion" against the group by upholding the law.
Central Bank Governor Riad Salameh had said the bank will abide by the restrictions in the Hizbullah International Financing Prevention Act, which was signed into law in December.
The U.S. regulations say Washington will target those "knowingly facilitating a significant transaction or transactions for" Hizbullah or any individual, business or institution linked to the group.
Those under sanctions include Hizbullah leader Sayyed Hassan Nasrallah and slain top commander Mustafa Badreddine as well as some businessmen. The list also includes the group's al-Manar TV and al-Nour Radio.
Nasrallah said last year that his group won't be affected by the law because it doesn't deal with Lebanese or foreign banks. But a large network of social and educational organizations associated with Hizbullah provide services to its supporters and other Lebanese, and deal directly with the government.
When asked last month whether banks dealing with Hizbullah cabinet ministers or legislators who get paid by the state would be affected, Salameh said that the law does not mention salaries.
Lebanese officials and lawyers say the impact of the law on the country's economy remains unclear.
U.S. Treasury officials are expected in Lebanon later this month to discuss its implementation.
Y.R.
M.T.
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