U.S. Ambassador Meets with Association of Bankers in Lebanon,Reiterates U.S. Position on Lebanese Banking Sector.

March 23, 2011
On March 23, 2011, U.S. Ambassador to Lebanon Maura Connelly met with the board of directors of the Association of Bankers in Lebanon (ABL). Ambassador Connelly reiterated to the ABL members that the recent action taken by the U.S. Treasury to designate the Lebanese Canadian Bank (LCB) as a financial institution of primary money laundering concern under Section 311 of the Patriot Act came as a result of a long-term criminal investigation. She assured the ABL that action taken by the U.S. Treasury was not targeted against the Lebanese banking sector but was instead part of the U.S. Treasury’s global effort to protect the U.S. financial sector from illicit activities linked to international terrorism, narcotics trafficking and money laundering. Ambassador Connelly noted that the Treasury Department is working with the Lebanese Central Bank and other relevant Lebanese authorities to address the concerns brought up by the LCB case.