Joseph Torbey, head of Association of Banks in Lebanon, attends a press conference in Beirut, Monday, Oct. 23, 2017. (The Daily Star/Hasan Shaaban)
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Lebanese bankers urged the U.S. Treasury and American officials to stick to the current sanctions against Hezbollah instead of adopting new amendments, the head of the Association of Banks in Lebanon Joseph Torbey said Monday. Torbey, who headed the ABL delegation to Washington and New York, said that the U.S. officials and correspondent banks expressed their satisfaction with the measures adopted by Lebanese banks in terms of combating money laundering and terrorism financing. Torbey said that during the meetings, the delegation urged the U.S. administration and correspondent banks not to implement any new legislation that would be detrimental to or cause collateral damage to Lebanon, its economy and its banks, which are entrusted with the savings of the Lebanese. But it remains to be seen if the intensive lobbying by the Lebanese banks in Washington will succeed in getting the U.S. Congress and Senate to water down the amendments so they will not be harmful to banks and the economy.
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