Since the collapse of the Lebanese economy in 2019, former Central Bank governor Riad Salameh and several members of his inner circle have faced investigation, both domestically and internationally, over their alleged involvement in serious financial crimes and misconduct. Domestically, there is an ongoing investigation against Salameh, and he spent a year in pretrial detention in a case involving the embezzlement of $44 million. In addition, he is the subject of investigations and lawsuits in several European jurisdictions, including Switzerland and France, an outstanding international arrest warrant, an Interpol Red Notice, and sanctions issued by the United States, the United Kingdom, and Canada against him and his associates.
Summary of key international actions
Switzerland
In October 2020, Switzerland’s Office of the Attorney General opened investigations into Riad Salameh and his brother Raja on suspicion of aggravated money laundering, after several Swiss banks handling Salameh’s accounts reported suspicious transactions to Switzerland’s Money Laundering Reporting Office. In parallel, civil society organizations and investigative journalists played a key role in bringing attention to Salameh’s alleged crimes; these include criminal complaints filed by the Swiss foundation Accountability Now and a major investigative report published by the Organized Crime and Corruption Reporting Project (OCCRP) in collaboration with the Lebanese media platform Daraj, which shed light on Salameh’s financial misconduct.
The Swiss investigation focuses on an alleged embezzlement scheme orchestrated by Riad and Raja Salameh. Between April 2002 and March 2015, Lebanon’s Central Bank made transfers to the HSBC Swiss bank account of Forry Associates, an offshore company registered in the British Virgin Islands and beneficially owned by Raja Salameh until its dissolution in 2016. Although the Central Bank awarded Forry Associates a brokerage contract in 2002 to sell treasury bonds issued by the Central Bank, investigations indicate that it operated as an intermediary shell company to facilitate the movement of misappropriated funds from Lebanon to Europe.
Between 2002 and 2015, Forry Associates received roughly 300 transactions from the Central Bank, totaling approximately $330 million. Of these transactions, millions were funneled from Forry’s account to Raja’s personal accounts and to multiple accounts and companies linked to Riad Salameh, including Westlake Commercial Inc, SI 2 SA, and Red Street 10 SA. The funds were then allegedly used to pay for luxurious properties for Salameh and his relatives in multiple countries.
Shortly after launching their investigation, Swiss authorities requested legal assistance from Lebanon, prompting Lebanese prosecutors to open domestic investigations in 2021 into the transactions from the Central Bank to Forry Associates
Swiss investigators are cooperating with their counterparts in other jurisdictions investigating Riad Salameh’s crimes. For instance, shortly after launching their investigation, Swiss authorities requested legal assistance from Lebanon, prompting Lebanese prosecutors to open domestic investigations in 2021 into the transactions from the Central Bank to Forry Associates. Swiss authorities are also coordinating with their French counterparts, who are also investigating Salameh and his associates.
On another front, Accountability Now, the Depositors Union in Lebanon, and other civil society organizations submitted a complaint to the Swiss Financial Market Supervisory Authority (FINMA) against several banks in Switzerland, including Bank Audi, for allegedly facilitating this money laundering scheme and breaching their due diligence obligations. As a result, FINMA found Bank Audi in violation of anti-money laundering regulations and ordered the confiscation of approximately $4 million in profit, among other measures.
Similarly, HSBC Bank in Switzerland has come under scrutiny for systematically ignoring numerous red flags and clarification requests raised by its internal compliance department regarding Forry’s account. Following a complaint submitted by Accountability Now, FINMA announced in 2024 that HSBC had violated anti-money laundering regulations. FINMA consequently prohibited the bank from entering into new business relationships with politically exposed persons until all existing high-risk relationships are reassessed and validated by an external audit agent. The Swiss and French authorities are also investigating HSBC’s alleged responsibility for money laundering in connection with the case of Riad and Raja Salameh.
France
In May 2021, France’s National Financial Prosecutor’s Office launched an investigation into Riad Salameh’s alleged involvement in money laundering, among other charges, through the purchases of luxury apartments and offices in France. French authorities have cooperated with counterparts in Lebanon, Switzerland, Belgium, the United Kingdom, the United States, Luxembourg, and Germany, among others, to trace the suspicious funds. In 2023, French judges issued an arrest warrant for Riad Salameh after he failed to appear for questioning regarding his source of wealth. An Interpol Red Notice was also issued against him, although Lebanon does not extradite its nationals and, in fact, imposed a travel ban on him.
French authorities have cooperated with counterparts in Lebanon, Switzerland, Belgium, the United Kingdom, the United States, Luxembourg, and Germany, among others, to trace the suspicious funds
France also investigated multiple associates of Salameh. Anna Kosakova, Riad Salameh’s former partner and the mother of his daughter, was indicted in 2022 on charges including criminal conspiracy, organized money laundering, and laundering of aggravated tax fraud. Investigations focus on property investments in France using allegedly misappropriated funds from Lebanon’s Central Bank. According to the National and the French investigative media outlet Mediapart, Kosakova received transactions from companies linked to Raja Salameh, including Forry Associates and SCI ZEL, the latter reportedly used to accumulate nearly $15 million in French property, including apartments and offices. Between 2011 and 2021, her company, Eciffice Business Centre, received nearly €5 million in rent from the Central Bank of Lebanon—governed at the time by Salameh—for a property in Paris. French authorities placed Kosakova under judicial supervision and imposed a ban on her leaving France.
In 2023, Marianne Hoayek, Salameh’s former assistant, was also indicted on charges including money laundering and criminal conspiracy. She allegedly received embezzled funds through Forry Associates and was placed under judicial supervision, with bail set at €1.5 million. Hoayek posted bail and pledged not to return to work at the Central Bank or maintain any contact with Riad and Raja Salameh. Marwan Kheireddine, Lebanese banker and former state minister, was also indicted on similar charges in Paris. He is alleged to have falsified bank records to conceal the source of Riad Salameh’s wealth. After French authorities began investigating him, Kheireddine transferred ownership of $200 million worth of UK properties to his brother, raising further suspicions about the source of the money. French authorities subsequently placed Kheireddine under judicial supervision.
In 2024, the French judge charged Raja Salameh with criminal conspiracy and embezzlement of public funds, among other charges. Raja’s son, Emile, also faces charges in France, including criminal association and money laundering. Emile is suspected of acquiring two apartments in Paris and several chalets in Lebanon, in addition to receiving suspected funds from his father. He also allegedly acted as Raja’s power of attorney to manage his properties and directed two British companies that own properties in London amounting to $12.8 million. Riad Salameh’s son, Nady, and his lawyer and nephew, Marwan Issa El-Khoury, were also indicted on similar charges of corruption, money laundering, and criminal conspiracy to embezzle public funds.
More than $130 million worth of Riad’s assets from France, Germany, Luxembourg, Monaco, and Belgium were initially frozen in March 2022 by the European Union Agency for Criminal Justice Cooperation. In July 2023, the French court rejected Salameh’s appeal to have them released. In April 2025, however, the French Court of Cassation accepted an appeal filed by Salameh’s lawyers concerning procedural and jurisdictional matters, arguing that French authorities lacked jurisdiction to freeze assets located outside French territory. The court accordingly annulled the seizures imposed on some small accounts held abroad, stating that “the French judiciary has no authority to impose seizures outside French territory due to considerations of territorial jurisdiction.” The Court of Cassation returned the case to the lower court for re-examination, without ruling on the merits of the case.
Investigations and sanctions in other jurisdictions
Following the probes launched in Switzerland and France, other European countries began investigating Salameh and his associates’ sources of wealth, focusing on companies, bank accounts, and assets linked to the former Central Bank governor and members of his inner circle.
For instance, in 2021, Liechtenstein’s judicial authorities launched a money-laundering investigation into Riad Salameh, reportedly probing two Liechtenstein-based companies suspected of being linked to him. That same year, Luxembourg authorities also began investigating Salameh for allegations including illicit enrichment, money laundering, and tax evasion, focusing on companies controlled by Salameh that have invested in properties in Germany and the United Kingdom.
Germany has also pursued similar investigations. In May 2023, German prosecutors issued an arrest warrant for Riad Salameh on charges including money laundering and embezzlement, but canceled it after a year because he had left his position as the Central Bank governor and was therefore no longer considered a risk for evidence tampering. However, investigations are still ongoing, and Salameh’s assets in Germany remain frozen.
On another front, in August 2023, the United States, the United Kingdom, and Canada imposed sanctions against Riad Salameh and his associates, including Raja Salameh and Marianne Hoayek (US, UK, and Canadian sanctions), Anna Kosakova (US and UK sanctions), and Nady Salameh (US sanctions). These sanctions freeze any assets held within these countries, block any financial transactions with the designated individuals, and impose visa restrictions.
The significance of international investigations
Given the political interference obstructing the investigation and prosecution of Riad Salameh and his associates in Lebanon, international probes provide an external legal tool for pursuing accountability. The multiple investigations across different countries complement each other, and mutual cooperation between these countries and Lebanon is ongoing. These investigations uncovered new information on affiliated individuals, companies, accounts, and properties acquired with illicitly obtained money, which can be used inside Lebanon to bolster and support existing legal efforts to unravel the scope and complexity of Riad Salameh’s crimes. Most importantly, these investigations represent a crucial step toward justice for millions of people impacted by the corruption schemes that contributed to Lebanon’s economic collapse—schemes that wiped out life savings and destroyed livelihoods.
Disclaimer: All information in this case profile is drawn from publicly available open-source materials, as official records are not accessible to the public.