Lebanon combating money laundering
Monetary authorities declared this week that the Lebanese Parliament is on its way to approving a law aimed at curbing money laundering from corruption, drug money, and illegal weapons trade.
Lebanon was listed as one of 15 countries that were non-cooperative on the issue. Central Bank Governor Riad Salameh added that the new law would enable the government to lift banking secrecy on accounts suspected of illegal activities in compliance with international standards set by the Financial Action Task Force (FTFA), an arm of the G7. Under the draft law, any suspected funds have to be submitted to a special committee including the governor, and the head of the Banking Control Commission. The draft law has attracted some criticism for failing to address the issue of tax evasion. — ( Banque du Liban et d'Outre-Mer Sal )
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