[NAHARNET] The Central Bank of Lebanon has said that licensed financial institutions are "barred from any dealings with unlicensed financial institutions, such as the Al-Qard Al-Hasan Association," the financial arm of Hezbollah.
In a circular, the Central Bank said banks, financial institutions and other institutions licensed by the Central Bank, as well as financial intermediaries and collective investment schemes, are barred from engaging in any transactions -- financial, commercial, or otherwise, directly or indirectly, fully or partially -- with ''unlicensed exchange institutions, money transfer companies, associations and entities.''
It said such institutions and bodies include ''Al-Qard Al-Hasan Association, Tasheelat S.A.L., Al-Yusr for Finance and Investment, Bayt al-Mal Lil Muslimin and other institutions, entities, companies, and associations listed on international sanctions lists.''
The ban includes:
- Providing or facilitating financial, monetary or transfer services or brokerage services
- Establishing or implementing financing, leasing or lending arrangements
- Facilitating direct or indirect access to the Lebanese banking system, in any currency
The announcement aims to ''prevent dealings with unlicensed entities and those subject to international sanctions, ensuring compliance with regulatory requirements and maintaining the integrity of Lebanon's financial system,'' the Central Bank said. 
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