Lebanon takes strict measures against money laundering

By Omar Al-Halabi (with photos)

Although Lebanon is not a money-laundering base, it had to take strict procedures after it was listed among non-cooperating counties by a financial action task force on money laundering in 2000.

To be removed from the list in 2002, Lebanon took several steps including issue of law 318/2001 that helps banks avoid being abused as media for money laundering.

Secretary of the investigation authority Mohammad Baaresi told KUNA Tuesday that the authority, established in 2001 and headed by the governor of Lebanon's Central Bank, played a major role in discovering and combating money laundering operations.

He emphasized that law 318 does not violate the confidentiality of banks and noted that there are about 200 cases suspected to be money laundering and terrorism financing every year in Lebanon.

Lebanon played a major role in the establishment of Middle East and North Africa Financial Action Task Force (MENAFATF), headquartered in Bahrain, he noted.

Money laundering is the practice of engaging in financial transactions in order to conceal the source of money gained from illegal acts like drug trading and funds from such origin are often used to finance acts of terrorism, prompting much concern and calls for counter-measures across the globe recently.

Source: Zawya