The United States, along with Canada and the United Kingdom, on Thursday (10 August) imposed economic sanctions over corruption on former Banque du Liban governor Riad Salamé, who resigned on July 31 after 30 years at the helm the institution.

The US Treasury Department has indicated that it “Corrupt and illegal acts have contributed to the collapse of the rule of law in Lebanon“, According to a press release. Riad Salamé is being sued in Europe and Lebanon for embezzlement.

“abuse of power”

Riad Salamé’s mandate ended on July 31 without a successor being found in a country in complete economic collapse. Former governorabused his position of power, likely in violation of Lebanese law, to enrich himself and his employees by investing hundreds of millions of dollars in European real estate through multi-layer shell companies‘ Washington says again. Four of Riad Salamé’s relatives are also subject to these sanctions, which freeze their assets in the United States and prohibit them from doing business with American companies and individuals.

American, British and Canadian sanctions target Riad Salameh, his brother Raja Salameh and his former assistant Marianne Hoayek, while Washington and London also add his former partner Anna Kosakova to their list. In addition, the US also imposed sanctions on his son Nady Salameh. These measures freeze their assets in the three countries, ban them from the UK and Canada, and ban all dealings with Canadian and US companies and individuals.

According to the British Foreign Office, a total of 300 million US dollars (272 million euros) was diverted from the Lebanese central bank. Canadian Foreign Minister Melanie Joly said the sanctions were a clear message that allies “will not tolerate the large-scale acts of corruption that have contributed to Lebanon’s economic collapse“.

In the crosshairs of the Lebanese and European judiciary

Riad Salamé, governor of the central bank from 1993 until late last month, was the architect of a fiscal policy that enabled Lebanon to bounce back 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.

Riad 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.