U.S. Sanctions Lebanese Network For Laundering Drug Money, Aiding Hezbollah

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The U.S. Treasury Department slapped sanctions on a Lebanese network accused of laundering millions of dollars for “drug kingpins” and aiding Hezbollah.

Lebanese national Kassem Chams, the so-called Chams Money Laundering Organization and Chams Exchange were sanctioned on Thursday, meaning they are blocked from doing business within the United States and any assets they own in America must be put on ice and reported to the Treasury Department’s Office of Foreign Assets Control.

“Kassem Chams and his international money laundering network move tens of millions of dollars a month in illicit narcotics proceeds on behalf of drug kingpins and facilitate money movements for Hezbollah,” said Sigal Mandelker, undersecretary for Terrorism and Financial Intelligence.

The Chams network launders tens of millions of dollars a month for narcotics traffickers through Australia, Colombia, Italy, Lebanon, the Netherlands, Spain, Venezuela, France, Brazil and the United States, the Treasury Department said.

Read the original article here: upi.com


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