The decision was finalized following a special meeting on Saturday – chaired by the ABL chief Joseph Tarabay – to discuss the US Treasury law that sanctions Lebanese banks that deal with Hezbollah.
According to the Lebanese National News Agency, the statement stressed the “commitment of the banks to the Lebanese laws and to the international requirements, of which include the application of sanctions, to protect the interests of Lebanon and preserve the wealth and interest of all its citizens and bank customers, providing them with the safety of business continuity through the global financial system.”
The association noted “the efforts made by the Finance Minister and the Lebanese Parliament to send a parliamentary delegation to the United States, and extending a bridge of communication with the US administration in order to protect Lebanon’s financial system.”
In addition, ABL stated that it is “pleased with the progress scored by Lebanon regarding its reputation at the international financial level, issuing four fiscal laws approved by the Lebanese parliament in harmony with the global banking rules and the international treaties in force.”
The meeting took place after Hezbollah‘s parliamentary bloc criticized the central bank for saying it would abide by a US law that came into effect last month and which the party’s lawmakers said violates Lebanon’s sovereignty, Ya Libnan reported.
The bloc said Thursday that US sanctions on banks that knowingly do business with Hezbollah could threaten Lebanon’s financial sector, hinting that supporters may withdraw their money from local banks.
The statement came after a cabinet meeting Thursday in which officials discussed a decision by banks to cancel the accounts of at least two Hezbollah lawmakers, reports said.
Lebanon’s al Jamhouriyet newspaper identified the 2 Hezbollah MPs whose accounts were canceled as Ali Fayad and Nawwar al Sahili. In addition the account of former MP Amin Sharri’s daughter was also canceled
The decision drew concerns of some cabinet members that the law could affect Hezbollah’s large network of social, educational and health organizations, which regularly deal with the government and provide services to needy Lebanese, not just supporters.
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