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What are the motives behind the new U.S. warning to Lebanese banks?

11-05-2012 | 14:02

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What are the motives behind the new U.S. warning to Lebanese banks?

The President of the Lebanese Banks Association Joseph Torbey considered Friday that the statements of the U.S. Treasury's Under Secretary for Terrorism and Financial Intelligence David Cohen brought nothing new, stressing that Lebanon is abiding by the list of sanctions. Cohen earlier warned of the diversion of pro-regime Syrian funds to Lebanese banks.

Torbey told LBCI that Cohen’s statements on a close link between the Lebanese banking system and the Syrian banking system are based on the fact that there are Lebanese banks in Syria.

Torbey did not comment on Cohen’s call for the withdrawal of the Syrian opposition funds from Syria, considering it a political position.

Despite the presence of Arab non-Lebanese banks in Syria, U.S. warnings touched on the Lebanese banks in particular even though Americans knew that Lebanon is fully committed to both sanctions imposed on Syria and Iran.

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