Salameh Says Lebanese Banks Committed to anti-Hizbullah Law

Central Bank Governor Riad Salameh has said Lebanese banks will not be able to circumvent a U.S. law that imposes sanctions on banks, which knowingly do business with Hizbullah.

Salameh told LBCI’s Kalam al-Nass talk show on Thursday night that the Central Bank will issue two circulars that urge Lebanese banks to implement the law and inform it about the closure and opening of accounts.

U.S. President Barack Obama signed the Hizbullah International Financing Prevention Act on Dec. 18.

This month, the U.S. treasury department's Office of Foreign Assets Control, or OFAC, issued regulations aimed at implementing the Hizbullah financing prevention act.

The U.S. regulations say Washington will target those "knowingly facilitating a significant transaction or transactions for" Hizbullah and those "knowingly facilitating a significant transaction or transactions of a person identified on the List of Specially Designated Nationals and Blocked persons."

OFAC's list includes names of officials, businessmen and institutions that the U.S. says are linked to Hizbullah. The list includes Hizbullah leader Sayyed Hassan Nasarallah and top military commander Mustafa Badreddine as well as some businessmen. The list also includes the group's al-Manar TV and Al-Nour Radio.

Salameh said the accounts of persons mentioned in the blacklist will be immediately closed. But he stressed that Lebanon will continue to enjoy its banking secrecy.

Lebanon adopted the banking secrecy law in 1956 in a bid to attract Lebanese and foreign deposits.