'Lebanese bank funding group linked to Hizbullah'

US Treasury says bank laundering millions of dollars in drug money for drug trafficking group with ties to terror organization.

Hizbullah leader Hassan Nasrallah 311 AP (photo credit: AP)
Hizbullah leader Hassan Nasrallah 311 AP
(photo credit: AP)
WASHINGTON — The US Treasury Department and the Drug Enforcement Administration said Thursday that a Lebanese bank has been laundering hundreds of millions of dollars in drug money for a drug trafficking group with ties to Hizbullah.
The agencies said that Lebanese Canadian Bank SAL has been designated a "primary money laundering concern" for allegedly helping launder up to $200 million a month for a Lebanese-based drug smuggling group they said is run by drug kingpin Ayman Joumaa.
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The government said the drug organization has provided financial support for Hizbullah, which the US has designated a terrorist organization.
The Treasury Department also proposed limits on how US financial institutions can work with the bank.