Hezbollah sanctions bill targets central banks

A Hezbollah sanctions bill expected to be introduced shortly in the House would allow the Treasury Department to target central banks and other financial institutions that "knowingly engage" with the US-designated terrorist group, according to a draft summary of the bill obtained by Al-Monitor.

The Hezbollah International Financing Prevention Act, according to the draft, "takes a comprehensive approach to one of the greatest threats to the United States." It will be introduced by Reps. Mark Meadows, R-N.C., and Brad Schneider, D-Ill., both members of the House Foreign Affairs panel on the Middle East, and is backed by committee Chairman Ed Royce, R-Calif., and ranking member Eliot Engel, D-N.Y., greatly boosting its chances of becoming law.

"It broadens financial-sector sanctions against Hezbollah; forces other critical designations regarding the terrorist organization; and, targets their media appendage al-Manar," the summary says. The bill also states that it is US policy "to prevent Hezbollah's global logistics and financial network from operating in order to curtail its domestic and international activities."

Al-Monitor first reported last week that the House Foreign Affairs panel was working on the legislation, which would put great pressure on Lebanese and European banks in particular to track Hezbollah. The bill is seen as a way for Congress to undermine a key ally of President Bashar al-Assad in Syria while also targeting Iran, Hezbollah's main sponsor, without running afoul of the Obama administration's request to lay off new nuclear-related sanctions while diplomatic talks continue.