Lebanon has filed a lawsuit against HSBC in Switzerland regarding Riad Salameh’s alleged embezzlement of $330 million from the central bank. The lawsuit stems from investigations revealing money laundering through Forry Associates Ltd. Swiss regulators previously accused HSBC of failing to adhere to anti-money laundering standards linked to Salameh’s case. The unfolding activities have attracted scrutiny across several nations against Salameh.
Lebanon has initiated legal proceedings against HSBC in Switzerland related to corruption allegations involving former Lebanese central bank governor Riad Salameh. The lawsuit, filed on January 14, marks Lebanon’s first legal action against a foreign bank in this context. An investigation by Switzerland’s Attorney General into Salameh began in 2020 for aggravated money laundering, revealing claims that he misappropriated over $330 million from the central bank through his brother’s company, Forry Associates Ltd.
The lawsuit against HSBC arises from a broader corruption scandal surrounding Riad Salameh, who has faced numerous international allegations since Switzerland started investigating him. Judicial documents claim that Salameh orchestrated complex financial maneuvers using Forry Associates to facilitate unauthorized commissions from Lebanese commercial banks, leading to significant money laundering concerns. Other jurisdictions, including Lebanon and several European nations, are also investigating Salameh for corruption.
The case against HSBC is a critical development in ongoing investigations into Riad Salameh’s financial activities. With multiple countries scrutinizing Salameh’s dealings, Lebanon’s legal action underscores the implications of international banking practices and the need for compliance in preventing money laundering. This situation not only reflects the challenges faced by Lebanese authorities but also highlights the broader issues of financial integrity within global banking.
Original Source: www.thenationalnews.com
