Lebanese Bank Pays $102M To End Money Laundering Suit

Law360, Washington (June 25, 2013, 6:27 PM EDT) -- Lebanese Canadian Bank has agreed to pay $102 million to settle allegations that it participated in an international money laundering and drug trafficking scheme in connection with a terrorist group, prosecutors announced Tuesday.

The Drug Enforcement Agency and U.S. Attorney's Office for the Southern District of New York claimed LCB and other Lebanese financial institutions were involved in a four-year $329 million scheme that tracked criminal funds through the United States and West Africa to Lebanon through Hezbollah-controlled channels.

The now-defunct bank allegedly transferred drug trafficking...
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