Assistant Secretary of the Treasury for Terrorist Financing Elizabeth Rosenberg stated that Hezbollah continues to transfer tens of millions of dollars to its agents – not just via couriers, but also via banking and currency exchange operations.

She gave Lebanon as an example of what corruption can do, citing a number of factors that led to it suffering one of the three worst banking crises since 1857, noting that for many years, successive Lebanese governments made economic decisions based on patronage networks and “hidden deals” between political parties, including Hezbollah.

Rosenberg reaffirmed the Biden administration’s commitment to exposing and disrupting cross-border financial flows that launder illicit proceeds.