Lebanon's Central Bank Governor Riad Salameh disclosed Wednesday that 100 Hezbollah-related accounts had already been frozen, stressing that Lebanon is keen on implementing the US Hezbollah International Financing Prevention Act (HIFPA).
"Our priority is to keep Lebanon on the international financial map so we have taken a resolution that we will implement that US law in Lebanon and we have put in place a structure to do it to satisfy the objectives of that law and at the same time preserve the rights of the Shi'ites to have access to the banks," Salameh said during an interview with CNBC TV Channel.
The US law passed in December threatens sanctions against anyone who finances Hezbollah in a significant way.
It has ignited an unprecedented dispute between Hezbollah and a central bank widely seen as a pillar of the otherwise weak and dysfunctional Lebanese state.
Hezbollah MPs considered that the law was paving the way for "a local war of elimination" launched with the help of the Lebanese Central Bank and a number of other banks. It urged Salameh to review a recent circular to banks detailing regulations about who can be sanctioned.
Lebanon's banking sector accounts for around 6 percent of gross domestic product.
Since 2001, the United States has put more than 100 individuals and entities affiliated with Hezbollah on sanctions lists under existing anti-terrorism funding legislation, but this new law is aimed at Hezbollah specifically.
Iran-backed Hezbollah, classified as a terrorist group by the United States, wields enormous political influence in Lebanon and its powerful military wing is playing a major role in the Syrian conflict.