LBCI taps into latest details on US sanctions against CTEX EXCHANGE Company

Lebanon Economy
2023-01-25 | 11:11
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LBCI taps into latest details on US sanctions against CTEX EXCHANGE Company
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LBCI taps into latest details on US sanctions against CTEX EXCHANGE Company

The CTEX EXCHANGE Company was aware that US sanctions might be imposed on it and its head, Hassan Mokalled as he was accused of having financial ties to Hezbollah and that he plays a significant role in allowing Hezbollah to continue exploiting and exacerbating Lebanon's economic crisis, according to the information that is currently available.

When Mokalled learned that he and his company were subject to sanctions as soon as he arrived in Geneva, he made the decision to leave immediately for Beirut, where he arrived on Wednesday night. He began discussions with the Banque du Liban to have the company issue a statement regarding the US sanctions.

The Banque du Liban has granted CETEX EXCHANGE a license. Its work includes performing gold and money shipping operations and money exchange operations.

In addition to not allowing for money transfers, the license also stipulates that any dollars it earns through money exchange operations may only be sold to the Banque du Liban, similar to other businesses based in Lebanon that are involved in money transfers.

According to sources in the company, gold and money shipping operations have not yet started, and the company intended to begin them in February.

Sources at CETEX EXCHANGE confirmed that the company's books are clean and that all the money it receives comes from known sources, reflecting the company's belief that the sanctions may be a political message.

Followers of this topic questioned on what grounds Banque du Liban authorized this business to conduct money exchanges and cash and gold shipping. Did the Central Bank oversee this business's operations, along with those of other money exchange companies, to ensure that money-laundering regulations were not violated?
 

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