Lawfuel.com – Law newswire – Settlement Resolves Claims Related to Money Laundering Network for Narcotics Trafficking and Other Criminal Proceeds, Including Funds Used to Support Hizballah
Preet Bharara, the United States Attorney for the Southern District of New York, and Michele M. Leonhart, the Administrator of the U.S. Drug Enforcement Administration (“DEA”), announced today a settlement of a civil forfeiture and money laundering lawsuit brought by the United States against the Lebanese Canadian Bank (“LCB”) and its assets.
The Government’s action, filed on December 15, 2011, alleges a widespread, international scheme in which Lebanese financial institutions with links to Hizballah, including the now defunct LCB, used the U.S. financial system to launder narcotics trafficking and other criminal proceeds through West Africa and back into Lebanon. The settlement order requires LCB to forfeit $102 million to the United States. The settlement order was entered in Manhattan federal court today by U.S. District Judge Paul A. Engelmayer.