Lebanese MSB Hit With U.S. Sanctions Over Hezbollah Ties

A Lebanese money dealer who allegedly moved around tens of millions of dollars a week in laundered drug money was slapped with sanctions by the U.S. Treasury on Thursday.

Kassem Chams was designated under the Foreign Narcotics Kingpin Designation Act after his money services business (MSB) was deemed to be a money laundering outfit affiliated to Hezbollah, the Shiite militant group.

“We are targeting the financial infrastructure of these narcotics traffickers as part of this administration’s unprecedented campaign to prevent Hezbollah and its global terror affiliates from profiting off violence, corruption, and the drug trade,” said Sigal Mandelker, U.S. undersecretary for terrorism and financial intelligence.

To continue reading...

Our Key Benefits

PaymentsCompliance is a premium information service for compliance, legal and regulatory professionals. Our award-winning regulatory monitoring platform is used by many of the world's leading payment services providers and e-money institutions, regulators, challenger banks, fintechs and law firms.

We keep our clients informed of critical regulatory change and help them understand, with in-depth analysis, when change is coming and the implications for their organisation.

We provide our clients with a quantifiable and significant ROI by reducing the amount of time and money spent monitoring and analysing regulatory environments in multiple jurisdictions.