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Earlier this month Lebanese authorities carried out raids on currency exchange offices and money transfer providers on intel that money was being transferred to terrorist organisation, Islamic State.
Beginning on 8th March, law enforcement went door to door of each suspected institution looking for evidence linking them to criminal activity. Although many were detained, no arrests were formally made. It was later confirmed by Lebanon’s General Security Agency that they had detained many and all of which were of Syrian nationality. The GSA also stated those of which were detained have claimed affiliation to terrorist networks and had participated in the transferring of money to terrorist groups.
Although the destination of the money transfers was undisclosed, it was reported by Lebanese media that as much as $20 million had been transferred to the Islamic State group.
Lebanon’s Central Bank is known for their enforcement of strict rules on financial institutions. Such enforcements are intended to deter financial criminality such as money laundering or financing illegal activities.
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