An investigation into Hezbollah’s financial circuits is said to have taken a new direction in Lebanon. After money transfer companies and bureaux de change, investigations would now extend to real estate transactions. The Attorney General of the Court of Cassation, Ahmad Rami Hajj, reportedly asked to verify the origin of the funds used to purchase properties in several regions. This would place some capital from Lebanese emigration in the field of research. It intervenes as the United States seeks to increase financial pressure on Hezbollah. But the alleged enlargement of investigations raises a delicate question: how can we look for the resources of a political and military organisation without affecting the ordinary transfers of expatriates?
Ahmad Rami Hajj would extend investigations to the real estate sector
The Attorney General of the Court of Cassation, Ahmad Rami Hajj, reportedly asked the intelligence branch of the Internal Security Forces to strengthen the verification of financial circuits that could be linked to Hezbollah. Initial research would focus on money transfer companies and bureaux de change. Investigators would seek, inter alia, to identify operations related to the movement or Al Qard Al Hassan association. According to information revealed on 20 October 2026, the magistrate later extended his investigations to certain real estate transactions. He reportedly requested verification of the origin of the capital used to purchase goods in different Lebanese regions. This change would be significant. The research would no longer concern only money movements between financial intermediaries, but also the use of funds in real estate acquisitions. This could affect buyers whose resources come from abroad. However, the information available does not specify the transactions concerned or the number of persons concerned. Nor do they duplicate the judicial instructions allegedly sent to investigators.
This would be part of a desire to strengthen controls over cash transactions. The steps attributed to the magistrate are presented as a response to American concerns about Hezbollah’s financial channels. In particular, the aim would be to make the movement of capital beyond bank checks more difficult. The passage through a financial institution would allow an examination of the origin of the sums committed in certain transactions. However, the direct link between U.S. applications and court decisions reported is not established by an official document. The available information describes an alleged focus of investigations, without determining whether new obligations have been imposed on real estate buyers. They do not mention any general suspension of transactions financed by foreign capital. The question therefore relates to the actual scope of the research: precisely identified transactions or a wider collection of acquisitions whose funds come from emigration.
Shiite expatriates particularly mentioned in investigations
One of the most sensitive aspects of the case concerns Lebanese expatriates. The information published indicates that particular attention would be paid to funds from Lebanese in North America, Europe and Africa. They refer more specifically to Shiite expatriates. This alleged direction appears in a context where the US authorities seek to identify Hizbullah’s financial resources. It raises questions about the criteria used to select the transactions examined. However, membership in a religious community does not constitute proof of a financial relationship with a political or military organization. The available documents do not confirm the existence of a judicial inquiry based on this criterion. They also do not provide a list of buyers or transactions under investigation. The scope of this particular attention therefore remains uncertain. It may concern transactions with specific financial characteristics, but the information published does not make it clear.
Foreign transfers are also important in supporting displaced families in southern Lebanon. The information of 20 October 2026 refers in particular to aid sent by relatives living in North America, Europe and Africa. These resources can contribute to the daily expenses of households affected by the clashes. Some can also be used to finance housing needs. A tightening of the verifications could therefore involve persons unrelated to Hezbollah’s military activities. However, no general decision limiting family transfers is mentioned in the documents. Nor is it established that expatriates were prevented from acquiring property because of their community affiliation. The consequences referred to at this stage relate to the risks associated with an increase in controls. They are not effects already demonstrated by investigations.
Karim Souaid’s observations against US estimates
The Governor of the Bank of Lebanon, Karim Suaid, appears in another part of the financial file. According to the information reported, he reportedly told United States interlocutors that the financial circuits operating in Lebanon had not recorded certain capital movements of exceptional magnitude over a short period of time. This assessment would cover transactions through the Bank of Lebanon, banking institutions, transfer companies and exchange offices. It comes after the publication of information about the arrival of $200 million for Hezbollah. At the same time, an assistance programme presented by the movement would have been associated with an estimated $600 million. These amounts correspond to different information. The first concerns suspected transfers, while the second refers to the estimated financing of a support package. The documents do not provide the records to verify these amounts or the methods used to prepare all estimates.
The United States would also focus on Hezbollah’s ability to maintain its financial and social activities. The above-mentioned audits would examine, inter alia, whether the movement continues to pay its members and to fund its health, educational and social institutions. This would extend research to the operation of its assistance structures. It intervenes as Hezbollah presents programmes for internally displaced persons. Financing these schemes is therefore a political and social issue. However, the documents do not clearly distinguish between the resources devoted to the various activities. Nor does they demonstrate that the amounts mentioned would have passed through the same circuits. The difference between the published estimates and the observations attributed to the governor is not sufficient to establish the existence of clandestine transfers. It shows above all that the origin and flow of certain resources remain at the centre of questions.
Financial pressure in a context of political confrontation
The alleged investigations are taking place in a period of increasing tension between the Lebanese authorities and Hezbollah. The information of 20 October 2026 refers to American demands regarding the movement’s military and financial activities. State Secretary Marco Rubio reportedly asked President Joseph Aoun to step up measures against certain networks. These alleged pressures are accompanied by investigations into explosives intercepted in Dahr al-Baydar and security operations in several areas. Hezbollah, for its part, denounces the initiatives it considers directed against its capacity to act. Its officials defend the role of resistance against Israel. At the same time, the Lebanese authorities affirm their commitment to enforce laws and strengthen State control over security matters. In this context, financial research could become a new subject of political confrontation.
The extension of investigations to real estate transactions would nevertheless introduce a different dimension. It could relate to transactions carried out by individuals whose resources come from abroad. The judicial authorities should then establish possible links between the capital examined and the offences sought. The information available does not determine whether such evidence has already been collected. They do not report any official balance sheet on the relevant real estate acquisitions. No number of suspicious transactions, total amounts and lists of persons prosecuted are provided. As of 20 October 2026, the file is therefore mainly based on information concerning the alleged expansion of research. Its importance lies in the change in method they describe: to move financial intermediaries back to capital use, particularly in real estate. Its real scope will depend on the actual procedures and the elements that investigators can establish.
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