Deloitte is Being Sued After Failing to Flag up More Than $200 Million of Money Laundering

A Dubai-based investment group is suing the Middle Eastern arm of Deloitte and Touche after the accounting firm failed to flag up money laundering at a now-defunct Lebanese bank. Lebanese Canadian Bank paid over $100 million, or £76 million, in 2011 to settle claims brought by US authorities that it was involved in laundering drug money and funnelling funds to Hezbollah and other militant organisations. Deloitte and Touche has been the bank’s main auditor from 1995 and remains its auditor in liquidation. LCB was shut down after an investigation by the US Federal Bureau of Investigations and Drug Enforcement Administration, and most of its assets were sold to Societe Generale.