BR100 3,625 Increased By ▲ 19 (0.53%)
BR30 18,468 Increased By ▲ 107 (0.58%)
KSE100 35,203 Increased By ▲ 151 (0.43%)
KSE30 15,247 Increased By ▲ 44 (0.29%)
COVID-19 TOTAL DAILY
CASES 231,818 3344
DEATHS 4,762 50
Sindh 94,528 Cases Today
Punjab 81,963 Cases Today
Balochistan 10,814 Cases Today
Islamabad 13,494 Cases Today
KP 28,116 Cases Today
World

US-sanctioned Lebanese bank self-liquidates

 US slapped heavy financial sanctions on JTB, accused of acting as a key financial institution for Hezbollah. 
 T
September 19, 2019
  • US slapped heavy financial sanctions on JTB, accused of acting as a key financial institution for Hezbollah.
  • The US Treasury said the bank was used for enabling several of the Shia militant group's financial activities.

 

BEIRUT: Lebanon's Central Bank announced Thursday it had agreed to the self-liquidation request it received from a bank hit by US sanctions last month over ties with Lebanese Shiite movement Hezbollah.

"Central Bank Governor Riad Salameh announced today he approved the request made by Jammal Trust Bank SAL," the Lebanese state-run National News Agency reported.

On August 29, Washington slapped heavy financial sanctions on JTB, which was accused of acting as a key financial institution for Hezbollah.

The US Treasury said the bank was used for enabling several of the Shia militant group's financial activities, "including sending payments to families of suicide bombers."

The news agency quoted Salameh as stressing that the value of the bank's assets and of its contribution to the national deposit guarantee body were sufficient "in principle" to pay back all deposits and fulfill obligations.

Iran-backed Hezbollah has been a US-designated terrorist group since 1997 and fights alongside the regime of Syrian President Bashar al-Assad in the neighbouring country's civil war.

It is Tehran's most potent proxy on the regional scene and also wields significant influence in Lebanese politics.