The Association of Banks in Lebanon, (ABL), endorsed the statement of confidence in the Lebanese Canadian Bank, (LCB), that the Central Bank had issued following accusations by the US Treasury Department of the bank’s involvement in money laundering and financing of terrorism.  In a communiqué issued today, (that was circulated as a press release by LCB and later denied by ABL, ABL announced its “solidarity with LCB in those difficult times.” It urged other banks “to abide by ethical standards in order to thwart the negative consequences of the US decision, and to safeguard the reputation and future of the banking sector.” It said that other banks should avoid benefiting from the circumstance that LCB is experiencing. The communiqué said that ABL listened to the chairman of LCB, Georges Zard Abou Jaoudeh, with regard to the transactions involving suspicious accounts at the bank, and the defense methods that the management will use to refute the allegations against the bank. It said that LCB has declared its readiness to subject itself to international investigation based on its commitment to the universal banking standards.

ABL denied that it had issued such statement.