"And I have found both freedom and safety in my madness, the freedom of loneliness and the safety from being understood, for those who understand us enslave something in us. But let me not be too proud of my safety. Even a Thief in a jail is safe from another thief. "

Khalil Gibran (How I Became a Madman)



Wednesday, April 27, 2016

Banks Start Implementing U.S. Anti-Hizbullah Law- Naharnet

Lebanese banks began taking measures against persons or institutions in accordance to a U.S. law that imposes sanctions on banks that knowingly do business with Hizbullah, banking sources said on Wednesday.
The sources told al-Mustaqbal daily that the measures are being taken on accounts in Lebanese Liras and foreign currencies.
U.S. President Barack Obama signed the Hizbullah International Financing Prevention Act on Dec. 18. Since then, Lebanese officials and bankers have been flying to Washington to discuss the move with American officials.
Last week, the U.S. treasury department's Office of Foreign Assets Control, or OFAC, issued regulations aimed at implementing the Hizbullah financing prevention act.
Many in Lebanon are worried that the U.S. legislation will have negative effects on the Lebanese banking sector, which is one of the most active industries in the country.
Assistant Secretary for the Department of the Treasury Daniel Glaser is expected to visit Beirut next week to discuss with Lebanese officials the details of the regulations, said al-Mustaqbal.