King Salman orders extension of Citizen's Account Program and additional support for a full year    Al-Falih: 1,238 foreign investors obtain premium residency in Saudi Arabia    Irish PM apologizes for walking away from care worker    Several dead as Storm Bert wreaks havoc across Britain    Most decorated Australian Olympian McKeon retires    Adele doesn't know when she'll perform again after tearful Vegas goodbye    'Pregnant' for 15 months: Inside the 'miracle' pregnancy scam    Ukraine losing ground in Russia's Kursk region, says military source    Hezbollah fires rocket barrages into Israel after deadly Beirut strikes    Al Ittihad claims top spot in Saudi Pro League after victory over Al Fateh    Do cigarettes belong in a museum?    Saudi Arabia allows licensed flour milling companies to export flour    Saudi Arabia joins international partnership initiative to boost hydrogen economy    With 25 million monthly active users, Snap Inc. expands presence in Saudi Arabia to serve thriving community of creators, partners and clients    Riyadh Emir inaugurates International Conference on Conjoined Twins in Riyadh    Saudi delegation participates in the 7th U20 Deans Summit in Brazil    Saudi Arabia to host 28th Annual World Investment Conference in Riyadh    Al Khaleej stuns Al Hilal with 3-2 victory, ending 57-match unbeaten run    Al Khaleej qualifies for Asian Men's Club League Handball Championship final    Katy Perry v Katie Perry: Singer wins right to use name in Australia    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Lebanon banking sector can withstand US sanctions: Finance minister Washington sanctions Jammal Trust Bank for Hezbollah ties
Published in The Saudi Gazette on 30 - 08 - 2019

Lebanon's central bank said it would guarantee all "legitimate deposits" in the newly sanctioned Jammal Trust Bank, which on Friday rejected US allegations that it helps to fund Iran-backed Hezbollah.
Washington hit the bank and its subsidiaries with sanctions on Thursday for allegedly facilitating the financial activities of the Shi'ite Hezbollah movement in Lebanon. The US Treasury Department accused the bank of funneling money to the families of suicide bombers.
Secretary of State Mike Pompeo said the United States is determined to cut off support in Lebanon for heavily armed Hezbollah, which Washington classifies as a terrorist group.
Lebanon's central bank Governor Riad Salameh said on Friday that it would guarantee money put in the bank by depositors not subject to sanctions.
Jammal Trust, a 50-year-old private commercial bank in Lebanon, said it "unequivocally denies all the allegations" that prompted what it described as "surprising" sanctions.
The bank's statement said it has "unwavering commitment to ... international regulations on countering money laundering and terrorism financing".
Jammal Trust Bank has 25 branches in Lebanon and representative offices in Nigeria, the Ivory Coast and Britain, its website says.
The bank is a relatively small lender. It had net assets of 1,600 billion Lebanese pounds ($1 billion) at the end of 2017, according to the annual report on the latest year for which data is available.
Washington has sought to choke off Hezbollah's funding worldwide, with sanctions among a slew of steps against Tehran since US President Donald Trump withdrew last year from a 2015 international nuclear deal with Iran.
Finance Minister Ali Hassan Khalil joined Salameh in seeking to reassure depositors.
"I am certain of the banking sector's ability to absorb the implications ... and guarantee the money of depositors," he wrote on Twitter, adding that the central bank is "doing what is necessary".
The Lebanese government has vowed to make urgent progress on reforms to ease economic troubles that prompted ratings agency Fitch to cut the country's credit rating this month.
Lebanon has one of the world's heaviest public debt burdens at 150 percent of GDP. The impetus to enact reforms has grown with the slowdown of deposits into its banking sector, a critical source of finance for the state. — Reuters


Clic here to read the story from its source.