The US government sanctioned Lebanon-based Jammal Trust Bank for aiding and transferring money to the Iran-backed group Hezbollah.
Four people providing money for the group and the Palestinian militant organisation Hamas were also sanctioned.
US officials announced the move on Thursday, calling the lender “Hezbollah’s bank of choice” and threatening more action on any entity or people in Lebanon who provide financial help to the militant group.
A senior US official said that “Hezbollah allies could be targeted” if they were found to be in breach of the sanctions.
The Department of Treasury’s Office of Foreign Assets Control, or Ofac, said the bank enabled “banking activities for Hezbollah” and had been added to the executive sanctions order for financially supporting the group.
The order was introduced by former US president George W Bush in 2001 after the September 11 bombings in New York City.
“Jammal Trust provides support and services to Hezbollah’s executive council and the Martyrs Foundation, which funnels money to the families of suicide bombers,” said Sigal Mandelker, Treasury's undersecretary for terrorism and financial intelligence.
“The US will continue to work with the Central Bank of Lebanon to deny Hezbollah access to the international financial system.
"This action is a warning to all who provide services to this terrorist group.
The US Treasury, in partnership with Oman, also sanctioned financial facilitators it says were responsible for moving tens of millions of dollars between Iran’s Islamic Revolutionary Guard Corps Quds Force and Hamas's operational arm, the Ezzedine Al-Qassam Brigades in Gaza.
The four – Muhammad Sarur, Kamal Awad, Fawaz Nasser and Muhammad Al Ayy – are accused of providing financial and technological support to Hamas.
A senior US official told The National that the Treasury did not expect the sanctions to add to the vulnerability of Lebanon's fragile economy.
“This is the 26th largest bank in Lebanon, with a limited role,” the official said.
But Washington hoped that the Lebanese Central Bank would take the appropriate action to implement the sanctions.
The sanctions come two weeks after Lebanon’s Prime Minister, Saad Hariri, visited Washington where he met senior US officials and discussed the issue of Hezbollah.
Mr Hariri acknowledged the limits his government faced with the issue of US sanctions on the party or its allies.
“We can’t change the US will on sanctions," he said then. "They have laws and are pursuing them.
“We are trying to shield Lebanon. We explained our view and we know our message was received.
“Any name or entity that comes on the US Ofac list, we deal with it firmly to shield Lebanon,” Mr Hariri said.
He was referring to Lebanon’s past efforts in absorbing sanctions on the Lebanese Canadian Bank and other people and entities accused of making funds available to Hezbollah.
Over the past few months Washington has increased its pressure on Hezbollah.
It sanctioned security official Wafic Safa and high-ranking parliamentarian Mohamad Raad in July.
It also pledged to do more to squeeze Iran and its proxies across the region.
US Secretary of State Mike Pompeo welcomed the sanctions on Jammal Bank.
"Today’s designation reflects our determination to counter Hezbollah’s terrorist and illicit activities in Lebanon," he said.
Mr Pompeo said the US was "working closely with the Central Bank of Lebanon and other Lebanese institutions, which work to preserve the integrity and stability of Lebanon’s banking system."
BRAZIL SQUAD
Alisson (Liverpool), Daniel Fuzato (Roma), Ederson (Man City); Alex Sandro (Juventus), Danilo (Juventus), Eder Militao (Real Madrid), Emerson (Real Betis), Felipe (Atletico Madrid), Marquinhos (PSG), Renan Lodi (Atletico Madrid), Thiago Silva (PSG); Arthur (Barcelona), Casemiro (Real Madrid), Douglas Luiz (Aston Villa), Fabinho (Liverpool), Lucas Paqueta (AC Milan), Philippe Coutinho (Bayern Munich); David Neres (Ajax), Gabriel Jesus (Man City), Richarlison (Everton), Roberto Firmino (Liverpool), Rodrygo (Real Madrid), Willian (Chelsea).
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UAE currency: the story behind the money in your pockets
Key facilities
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Email sent to Uber team from chief executive Dara Khosrowshahi
From: Dara
To: Team@
Date: March 25, 2019 at 11:45pm PT
Subj: Accelerating in the Middle East
Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.
Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.
I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.
This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.
It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.
Uber on,
Dara
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