Finance minister: Lebanon banking sector can withstand US sanctions
August 30, 2019, 8:15 am

Finance minister: Lebanon banking sector can withstand US sanctions

The bank also said it would appeal the Treasury’s decision. (Supplied)

Lebanon’s banking sector can handle the impact of the US sanctions against Jammal Trusk Bank and guarantee the money of depositors, the finance minister said on Friday.

Ali Hassan Khalil said on Twitter he was confident “of the banking sector’s ability to absorb the implications...and guarantee the money of depositors...and the central bank is doing what is necessary.”

Earlier on Friday, Jammal Trusk Bank denied the US charges, saying it abides by international laws.

The Treasury’s Office of Foreign Assets Control sanctioned Jammal Trust Bank on Thursday.

The bank said it learned about the sanctions “with great surprise” and “denies each and every allegation” on which the Treasury based its action.

Friday’s statement also said the bank is committed to “abiding strictly by Central Bank of Lebanon rules and regulations, as well as all international rules and regulations on countering money laundering and financing of terrorism.”

The bank also said it shall take appropriate steps in order “to clear its good name,” adding that it would appeal the Treasury’s decision.

Agencies

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
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