LAF arrested 13 Syrian and 3 Lebanese nationals over 'illegal' currency ring

Sixteen people in Lebanon, mostly Syrians, have been arrested for money transfers and "illegal" currency exchange operations, the army said Saturday, amid a government crackdown on exchange rate manipulation.

The army said it had arrested 13 Syrians and three Lebanese, who were carrying out "money transfers and illegal currency exchange transactions, using licensed companies and offices as a front," in a statement.

The suspects used an "unlicensed online platform belonging to one of the financial companies," to carry out the financial transactions, the statement said.

The Lebanese pound has been pegged to the dollar at 1,507 since 1997 but the country's worst economic crisis in decades has seen its value plunge to beyond 4,000 on the black market.

The government has sought to stem the fall by launching a nationwide crackdown on money changers it alleges are exchanging the pound for dollars at a rate weaker than the 3,200 per dollar permitted by the central bank.

During the arrests, the army seized "significant sums" but also computers and laptops used in these operations, the statement added, specifying that the arrests took place in twelve regions across Lebanon.

The network sent dollars with motorists across the border to Syria, specifically to the northwestern province of Idlib, a security official said, referring to a region controlled by al-Qaeda-linked militants and allied rebels.

After land borders closed because of the coronavirus pandemic, the network started using an "illegal online platform" controlled by a Lebanese money changer, the official added.