In First, European Court Convicts Hezbollah Agent

Yaccoub was found guilty on four counts of "being a member of a criminal organization," "committing a criminal act" and on one count of money laundering. Yaccoub was cleared on three counts of "cooperating with another person to commit a criminal act" because the court wasn't able to establish the identity of his Hezbollah contact.

The maximum sentence for money laundering is 14 years. The maximum sentence on each of the first four counts for which Yaccoub was convicted is three years, served either concurrently or successively. But, given precedence, a Cypriot judge told ABC News that the charges would likely be reduced to a total of seven to 10 years. Then again, the official said that because a case like this had never been tried before in Cyprus, it is difficult to predict how the court would sentence him.

President Obama, who is in Israel, today addressed an assembly of Israelis and directly condemned the Lebanese group.

"Every country that values justice should call Hezbollah what it truly is: a terrorist organization," he said to thunderous applause.

TRANSCRIPT: President Obama's Speech in Israel

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