Al-Qard Al-Hassan has long faced US sanctions for financing the Iran-backed terrorist group
Lebanon’s central bank has barred financial institutions from any direct or indirect dealings with Al-Qard Al-Hassan, the financial arm of the Iran-backed terrorist group Hezbollah, according to reports Tuesday.
The central bank on Monday released a document that prohibits “all licensed financial institutions in Lebanon from dealing directly or indirectly with unlicensed entities” and lists “Hezbollah’s Al-Qard Al-Hassan as an example,” Reuters reported.
“Failure to comply with the provisions of this decision exposes perpetrators to legal prosecution and measures that may reach the extent of suspension or withdrawal of the license and freezing of accounts and assets,” according to a copy of the document reviewed by The Cradle.
Al-Qard Al-Hassan, which claims to be a charitable organization, has long drawn scrutiny for its close ties to Hezbollah, a U.S.-designated terrorist group since 1997. The U.S. Treasury Department first sanctioned Al-Qard Al-Hassan in 2007, saying Hezbollah uses the institution as a cover to manage “financial activities and gain access to the international financial system.”
The United States imposed its latest sanctions on Al-Qard Al-Hassan earlier this month, targeting the institution’s senior officials for facilitating Hezbollah’s finances, including through shadow accounts to evade existing sanctions.
Last October, Israel’s military targeted and destroyed several buildings linked to Al-Qard Al-Hassan after Hezbollah launched missiles into Israel in solidarity with Hamas terrorists.
