•   
  •   

World Swiss open money-laundering probe of Lebanon’s central bank

23:11  19 january  2021
23:11  19 january  2021 Source:   aljazeera.com

Lebanon to impose 11-day curfew as hospitals fill

  Lebanon to impose 11-day curfew as hospitals fill People will be forbidden from leaving their homes from Thursday and must rely on food deliveries.People will be forbidden from leaving their homes from 05:00 (03:00 GMT) on Thursday, with few exemptions. They will be unable to shop in supermarkets and will need to rely on deliveries.

The probe is looking at money transfers by Lebanon ' s Central Bank Governor Riad Salameh, as well as his brother and assistant. The Swiss attorney general’s office confirmed it had requested legal assistance from Lebanon in the context of the probe . But in responding to questions from Reuters, it

HSBC has agreed to pay CHF 40 million (.8 million) to the Swiss authorities for settling allegations of money laundering . These files described incidents where HSBC‘ s Swiss private banking unit regularly permitted its clients to withdraw a large amount of cash (mostly in foreign currencies)

Beirut, Lebanon – Swiss authorities have requested that Lebanon’s judiciary cooperate with a money-laundering investigation into the country’s central bank, in the latest blow of confidence to the insolvent financial institution and its crestfallen governor.

a close up of Riad Salameh: The Swiss probe centres on $400m in transfers allegedly tied to Lebanon's central bank governor of 27 years, Riad Salameh, his brother Raja, and Salameh’s adviser Marianne Al-Hoayek, a judicial source told Al Jazeera [File: Jamal Saidi/Reuters] © The Swiss probe centres on $400m in transfers allegedly tied to Lebanon's central bank governor of 2... The Swiss probe centres on $400m in transfers allegedly tied to Lebanon's central bank governor of 27 years, Riad Salameh, his brother Raja, and Salameh’s adviser Marianne Al-Hoayek, a judicial source told Al Jazeera [File: Jamal Saidi/Reuters]

The probe centers on $400m in transfers allegedly tied to the bank’s governor of 27 years, Riad Salameh, his brother Raja, and Salameh’s advisor Marianne Al-Hoayek, a judicial source told Al Jazeera. Institutions in which the bank has a large stake – including Middle East Airlines and the Casino du Liban – are also under scrutiny, said the source.

Lebanon notified of probe into central bank chief: source

  Lebanon notified of probe into central bank chief: source The Lebanese judiciary has received a request for assistance from Switzerland over an investigation into money transfers allegedly made by central bank chef Riad Salameh, a judicial source told AFP. The investigation is looking into $400 million allegedly transferred out of Lebanon, despite tight restrictions, by Salameh, his brother, his assistant and financial institutions linked to the central bank, the source said. Salameh's office issued aThe investigation is looking into $400 million allegedly transferred out of Lebanon, despite tight restrictions, by Salameh, his brother, his assistant and financial institutions linked to the central bank, the source said.

Swiss banks have a new money - laundering worry: Venezuela. The Swiss bank records are being sought by U. S . Attorney Preet Bharara in connection with his office’ s investigation into representatives of Derwick Associates, a Venezuelan energy company that has done business with PDVSA, the

Riad Salamé, the central - bank governor, has rejected allegations of involvement in corruption and facilitating Hezbollah. Washington and its allies for months have demanded a forensic audit of the central bank that they believe may uncover evidence of money laundering , corruption and links to

Salameh issued a statement denying any wrongdoing and dismissing as “fabrications and fake news” reports of any transfers abroad on his behalf by himself, his brother or his adviser. He threatened legal action against anyone who publishes the information with the intention of harming his reputation.

The Swiss Attorney General’s office did not immediately respond to Al Jazeera’s request for comment. Swiss embassy officials in Beirut referred Al Jazeera to the prosecutor’s office. Lebanon’s outgoing justice minister also did not respond to a request for comment.

Reuters News Agency quoted the Swiss attorney general’s office as saying it had requested legal help from Lebanon in the context of an investigation into “aggravated money laundering” and possible embezzlement tied to the Lebanese central bank, formally known as the Banque du Liban.

What is the money market? A financial exchange where companies trade loans, and investors can earn interest on their savings

  What is the money market? A financial exchange where companies trade loans, and investors can earn interest on their savings The money market is a financial exchange where banks and companies buy and sell short-term debt securities. Money market investments like T-bills and CDs are safe and very liquid, paying reliable interest. Money market accounts and money market funds are common ways that individuals can invest in the market. Visit Business Insider's Investing Reference library for more stories. Money market accounts and money market funds are common investments: Odds are you've often seen them advertised by banks or financial services companies.

Geneva’ s money - laundering probe is into its ninth year and centres around the alleged theft of 3m from Russia’ s Otkritie bank by a clique of the The illustrious Swiss private bank Bordier & Cie facilitated a number of transactions before finally raising concerns with authorities only after Mr Pinaev

8 of how the bank ’ s Swiss unit handled accounts for tax evaders and criminals. It was based on a list of HSBC clients stolen by a former information-technology employee in 2008 When asked whether any money laundering probes of the bank took place since 2007, Jeannette Balmer, a spokeswoman

It was not immediately clear whether Salameh is a suspect.

Tuesday’s news only deepens Salameh’s spectacular fall from grace since late 2019, when Lebanon plummeted into its deepest economic crisis since its 1975-90 civil war. Lebanon’s currency has since lost more than 80 percent of its value against the US dollar and more than half of the population now lives in poverty.

Previously the recipient of numerous international banking awards and a serious contender for the country’s presidency, Salameh has since been targeted by anti-government protesters who blame him, along with top politicians, for the country’s financial collapse.

Meanwhile, the international community has conditioned much-needed aid for Lebanon on a forensic audit of the central bank that Salameh has led since 1993.

The Swiss probe may yet face obstacles in Lebanon. The judicial source said that public prosecutor Ghassan Khoury, who received the Swiss request, noted a lack of evidence or supporting documents that would justify the “detailed questions” that Swiss authorities want to be posed to Salameh and others.

Khoury may ask for more information before deciding if he will comply with the request, said the source, noting that Lebanon had in 2020 requested the help of Swiss authorities in a probe into an estimated $2.4bn transferred outside of the country in the wake of October 2019 protests — transfers that circumvented unofficial capital controls.

Lebanon received no response at the time, the source said.

'How we found a dead leader's hidden loot' .
A phone call in the middle of the night led one Swiss lawyer to pursue Nigeria's stolen money.In September 1999, Swiss lawyer Enrico Monfrini answered a phone call that would change his next 20 years.

usr: 9
This is interesting!