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Slideshow U.S. seizes $150 million from Lebanese bank in laundering scheme Tweet Share this Email Print Related News WRAPUP 5-Assad's brother may have lost leg in bombing -sources Thu, Aug 16 2012 Lebanon kidnap fans fear of Syria spillover Wed, Aug 15 2012 Lebanese Shi'ites kidnap 20, Sunni neighbors targeted Wed, Aug 15 2012 WRAPUP 9-Syria air raid kills 30; Lebanon kidnap worries region Wed, Aug 15 2012 Standard Chartered reaches $340 million settlement over Iran Tue, Aug 14 2012 Analysis & Opinion Risk spills over in Middle East How many U-turns can a bank fit inside a loophole? Related Topics World » By Basil Katz NEW YORK | Mon Aug 20, 2012 5:40pm EDT NEW YORK (Reuters) - U.S. authorities said on Monday that they had seized $150 million from a Lebanese bank suspected of being at the heart of international money-laundering schemes linked to the Lebanese Shi'ite group Hezbollah. In February 2011, the U.S. Treasury department designated the Lebanese Canadian Bank as a "primary money-laundering concern." The privately owned bank was subsequently merged with the Lebanese subsidiary of Societe Generale. Federal prosecutors in Manhattan and the U.S. Drug Enforcement Administration accused bank officials of knowingly participating in a scheme in which money from various individuals and companies in Beirut was sent from Lebanon to purchase used cars in the United States. The cars were then sold in West Africa, and Hezbollah-linked groups would help smuggle the proceeds into Lebanon, authorities said. Hezbollah is a Shi'ite Islamist guerrilla and political movement founded with Iran's help after the Israeli invasion of Lebanon in 1982. Washington considers Hezbollah to be a terrorist group. U.S. officials say that it has become increasingly involved in the drug trade, facilitating the distribution and sale of cocaine in West Africa. The money seized was held in corresponding accounts at five different banks in the United States, including Citibank and London-based bank Standard Chartered. The five banks have not been accused of any wrongdoing. An attorney for the Lebanese Canadian Bank did not immediately return a call seeking comment. (Reporting By Basil Katz; Editing by Cynthia Johnston and Philip Barbara) World Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. 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