Lebanon's Central Bank Freezes '100 Bank Accounts' of Hezbollah

Lebanon's Central Bank has frozen approximately 100 bank accounts belonging to the Hezbollah political-military group in line with recent U.S. sanctions against the group. This action has faced objections from Hezbollah, which has emphasized that such measures will not change its positions on regional issues. Hezbollah, which has long positioned itself against Israeli policies and has engaged in multiple conflicts with the country, has also been involved in other regional tensions, including the Syrian civil war and support for the Syrian regime. This has intensified pressure on the group, leading some Arab countries, including members of the Gulf Cooperation Council, to label it as a 'terrorist' organization and impose sanctions. Riyad Salameh, the governor of the Central Bank of Lebanon, announced in an interview with CNBC that the bank had frozen around 100 accounts belonging to Hezbollah and related individuals and organizations. He added that this action was taken to implement a law under which the U.S. has sanctioned Hezbollah. Previously, the United States had urged Lebanon to join its unilateral sanctions against Hezbollah, warning that failure to comply would subject the entire Lebanese banking system to U.S. sanctions. The governor stated, 'Our priority is to keep Lebanon within the framework of international financial policies, so we decided to implement U.S. law, and we have provided the necessary infrastructure to enforce this law, while ensuring the rights of Shiite affiliates in banking transactions are preserved.' According to the report, over 3,000 individuals linked to Hezbollah, including its Secretary-General Hassan Nasrallah, two current parliament members, and several affiliated institutions such as Al-Manar TV, Nour Radio, and the Rasoul Akram Hospital (which treats Hezbollah's injured in Syria), have been placed on the sanctions list. All names and entities whose accounts were frozen were provided to the Lebanese bank by the U.S. Under this law, not only have these accounts been frozen, but individuals and entities under U.S. sanctions are also prohibited from opening any other accounts in Lebanese banks. The Hezbollah sanctions law was passed by the U.S. Congress on December 15, 2015, and was signed into law by the President, referencing two laws aimed at combating the financial resources of terrorist organizations and preventing money laundering. Under this law, Hezbollah is considered a terrorist group. This law not only sanctions entities and individuals linked to Hezbollah but also subjects any financial institution, company, or individual that collaborates with or assists the group to U.S. sanctions. Therefore, it seems that the Central Bank of Lebanon decided to close accounts linked to Hezbollah to avoid being sanctioned by the U.S. and to remain engaged in global banking activities. On June 28, U.S. Treasury Deputy Secretary Daniel Glaser met with the Lebanese Banking Association in Beirut and called for strict enforcement of the Hezbollah sanctions law, warning that any violation would result in penalties for Lebanese banks. Following the implementation of U.S. law in Lebanon, Hezbollah's parliamentary faction held a meeting and protested the Central Bank's action. According to Al-Manar TV, a statement released by this faction stated: 'The policy of coercion and pressure that the U.S. government applies against countries and parties opposing its policies cannot bring Hezbollah to its knees, and this party will not change its position against the tyranny and oppression of the U.S. government through its strategy of supporting Israel. Israel is a symbol of a terrorist regime in the world, and the U.S. pursues its policies by supporting this regime and regional groups that support Takfiri terrorism.' The statement added: 'The U.S. government, which is looking for an opportunity to eliminate resistance and its supporters, has found its missing piece in the Lebanese banking sector to implement its policies. However, this new attack through the banking sector will also fail and will not achieve its goals. The government and the Central Bank of Lebanon have the duty to support Lebanon's national sovereignty and its financial and social stability.' Hezbollah considered the recent action of the Central Bank of Lebanon to be against the country's financial policies and national sovereignty, adding: 'Everyone should know that supporters of the resistance and its educational and health institutions will not be harmed by these policies imposed by anyone.'