Saudi Banks to Cooperate in Monitoring Money of Hizbullah-Affiliated Members
Saudi banks expressed on Saturday readiness to cooperate with security agencies and hand over the bank accounts and transactions of the people affiliated with Hizbullah.
The Gulf Cooperation Council officials had met in Riyadh on Thursday to coordinate sanctions in the six member states against Hizbullah over its support for the Syria regime.
Despite that revealing bank accounts is considered prohibited, however the Saudi banks said they will cooperate “absolutely and unconditionally” with the Interior Ministry in this regards as the matter is related to the nation's highest interests and threatens the national security.
The GCC's meeting on Thursday was "to develop mechanisms to monitor movements, financial transactions and business operations of Hizbullah," said Bahraini deputy interior minister Khaled al-Absi.
The GCC monarchies decided on June 10 to impose sanctions on Hizbullah, targeting residency permits and its financial and business activities in reprisal for the group's armed intervention in Syria.
Absi told reporters two expert teams will be formed: one to "coordinate with central banks" and the second to review "legal, administrative and financial matters" linked to the sanctions.
Last month's measure was taken "after the discovery in GCC states of several terrorist cells linked to the group," said Absi.
However, he did not say how many Hizbullah suspects would be affected by the sanctions or their estimated assets and financial and commercial operations in the region.
The sanctions would be implemented "in coordination... with ministers of commerce and the central banks of the GCC," the council's Secretary General Abdullatif al-Zayani has said.
The GCC comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
Qatar expelled 18 Lebanese citizens from the gas-rich Gulf state on June 20.
An estimated 360,000 Lebanese work in the Gulf, remitting some $4 billion (three billion euros) annually.
Lebanon has a population of just 4.1 million.
A staunch ally of Syrian President Bashar Assad, of the Alawite sect of Shiite Islam, Hizbullah has backed him since protests erupted in March 2011, openly declaring its military involvement last month.
The Sunni monarchies of the Gulf back the mostly Sunni rebels, and the GCC has warned that it might add Hizbullah to its list of terrorist groups.
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