Lebanese Banks Association building in Beirut, Wednesday, July 2, 2014. (The Daily Star/Hasan Shaaban)
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Lebanese banks are confident that a proposed United States law tightening financial sanctions on Hezbollah won't affect the local banking sector, bankers said Wednesday.The bill seeks to impose sanctions on individuals or institutions that knowingly do business with Hezbollah, or companies or individuals who have been designated by the U.S. as Hezbollah financiers. Any bank targeted by the act would be forbidden from conducting any financial activities in the U.S. In the U.S. House, the bill has passed the Foreign Affairs Committee and is awaiting action in the Financial Services Committee. The bill also requires foreign financial institutions to report to the Internal Revenue Service about their U.S. clients.
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