The United States, along with Canada and the United Kingdom, on Thursday imposed economic sanctions over corruption on former Banque du Liban governor Riad Salamé, who resigned on July 31 after 30 years at the helm of the institution, along with several of his relatives .

The US Treasury Department has pointed this out His “corrupt and illegal actions have contributed to the breakdown of the rule of law in Lebanon,” a statement said. Riad Salamé’s mandate ended on July 31 without a successor being found in a country in complete economic collapse.

Riad Salamé “abused his position of power, likely in violation of Lebanese law, to enrich himself and his employees by funneling hundreds of millions of dollars through multi-layer shell companies to invest in European real estate,” Washington says again.

“Riad Salamé and those close to him have robbed the Lebanese people and deprived them of resources vital to their economic and social stability,” said Britain’s Minister of State for the Middle East, North Africa, Asia and the United Nations, Tariq Ahmad to a press release from the British government.

Canadian Foreign Minister Melanie Joly said the sanctions were a clear signal that allies “will not tolerate the large-scale acts of corruption that contributed to Lebanon’s economic collapse.”

Four relatives of Riad Salamé are also affected by these sanctions, which freeze their assets in the United States and prohibit them from trading with American companies and individuals. They are his brother Raja, his former assistant Marianne Hoyek, his son Nady Salamé and his ex-girlfriend Anna Kosakova.

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Riad Salamé, like the smell of the end of domination

Mr Salamé was Central Bank governor from 1993 until late last month and was the architect of a fiscal policy that allowed Lebanon to recover after 15 years of war (1975-1990). But with the country mired in a severe economic crisis since late 2019, many blame him, along with the political leaders with whom he is closely associated, for Lebanon’s ruin.

Mr Salamé is also in the crosshairs of the Lebanese and European judiciary, and investigations into his assets in Europe are ongoing. There are two arrest warrants from France and Germany against the former Franco-Lebanese investment banker.

In addition, the French judiciary carried out twelve property and bank asset seizures with a total value of tens of millions of euros. In 2022, France, Germany and Luxembourg also froze 120 million euros in assets suspected of belonging to him.