The US Treasury accused the Beirut based Lebanese Canadian Bank of involvement in money laundering activities. The bank was also accused of association with drug trafficking, as well as of having links to Hezbollah, which the US describes as a terrorist organization. The Treasury described the bank as “a source of great concern because of its money laundering activities, which could drive some American financial institutions to sever its contacts with it.” The Department of Treasury said in a statement that “many of the persons involved in this global network of drug trafficking and money laundering, use deposit accounts at the bank in order to bring hundreds of millions of dollars of drug money to the official financial system each month.