Connect with us

Hi, what are you looking for?

Jewish Business News


New Law Forces International Banks to Blacklist Hezbollah or Face U.S. Sanctions

Hezbollah terrorists during a parade in Beirut


Foreign banks must cease any business dealings with the Iranian-backed terrorist group Hezbollah or its proxies to avoid being blocked from the American financial system, The Wall Street Journal reported on Monday. The restrictions stem from a new law, which unanimously passed both houses of Congress at the end of last year.

The Hezbollah International Financing Prevention Act of 2015 was signed into law last month by President Barack Obama. The White House, at the time, trumpeted its signing of the bill into law, saying it works with Congress to “maximize the tools available to us to thwart Hezbollah’s network at every turn, ” and that the law will target the group’s “financial support infrastructure.”

Banks will have to “heighten the prioritization of their Hezbollah-related due diligence, ” said Matthew Levitt, a former Treasury Department official now at the Washington Institute for Near East Policy who wrote a book about Hezbollah’s global footprint.

Please help us out :
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at
Thank you.

“If they want to continue doing business in or through the U.S., [foreign banks] need to ensure they provide no financial services to a designated Hezbollah entity, ” said Mr. Levitt.

The law, which is modeled on previous legislation that targeted Iran, will impose sanctions on any bank that facilitates transactions on Hezbollah’s behalf. Because Hezbollah often sets up front companies to handle its finances, the banks will be required to ensure that they are not conducting business even indirectly with the terror group.

Late last month, The Times of Israel reported that Hezbollah is suffering from a financial crisis and failed to pay salaries to its officials in November and December.

In September, Iran announced that it was boosting its funding of Hezbollah and Hamas in anticipation of the sanctions relief that Tehran is expecting to receive from the nuclear deal.

by Staff

[Photo: TestTubeNews / YouTube ]



You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...


The Movie The Professional is what made Natalie Portman a Lolita.


After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...

VC, Investments

You may not become a millionaire, but there is a lot to learn from George Soros.

Copyright © 2021 Jewish Business News