US sanctions Jammal Trust Bank

LEBANON. Jammal Trust Bank (JTB), a medium-sized Lebanese bank that holds 0.5% of the assets managed by the Lebanese banking system, is accused by the US Treasury of having hidden banking activities with Hezbollah and the Martyrs Foundation, based in Iran. Controlled by the Iranian state, this foundation finances Hezbollah. JTB is in the eyes of Americans "a direct threat to the integrity of the Lebanese financial system" and a "terrorist organization." The United States announced Thursday, August 29, sanctions against the JTB and four of its subsidiaries. All assets in the US Jammal Trust Bank are frozen and most importantly, the bank will no longer be able to make transactions via the US financial system.

The same day, the Lebanese Banks Association issued a statement to reassure savers, ensuring that these measures "will have no impact on the Lebanese banking sector, nor on the depositors' money in the bank."