The US financial noose: Syria feels squeeze from border states

The Assistant Secretary for Terrorist Financing Daniel Glaser kicked off his tour in Moscow. He will be heading to Beirut and Amman to follow-up on the U.S. monetary measures against the Syrian regime.    

In Lebanon, Glaser will meet with senior government officials and banking sector executives to highlight the need for Lebanese authorities to remain vigilant against attempts by the Syrian regime to evade U.S. and EU sanctions through the Lebanese financial sector.    

In this regard, an article published in Financial Times entitled “Syrian capital flight intensifies” a Syrian businessman confirmed that cash is being smuggled over the border to Lebanon “every day, every hour.” Another businessman claimed that Syrian money is being stored in the grey economy that has long existed between the two countries.     

 A Dubai-based economist quoted in the article, Samir Seifan, estimated that the middle and upper classes in Syria moved between 3 and 5 billion dollars out of the country since unrest erupted in March.    

According to another Syrian businessman, some people are exchanging Syrian money brought into Lebanon “under the table”.   

An exchange bureau in Beirut revealed it is buying 400,000 to 500,000 Syrian pounds ($8,000 – 10,000)a day, compared to 100,000 to 200,000 Syrian pounds ($2,000 - 4,000) a week before the crisis.