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Lebanon targets money laundering

Official calls country regional model for prosecution. Next round of Basel accords are likely to require a significant change in the way most banks conduct their business. Central Bank Governor Riad Salameh announced that Lebanon has become a role model for other countries in the region, following the successful implementation of its laws against money laundering. “Lebanon has already obtained official EU and US recognition for its efforts,” said Salameh during the launching of the Special Regional Seminar on Anti-Money Laundering at the Riviera Hotel in Beirut on Tuesday, organized by The Central Bank, Financial Stability Institute (FSI) and the Special Investigation Commission (SIC). “We are also in compliance with the US Patriot Act, in addition to implementing all UN anti-money laundering resolutions.” Lebanon was removed from the list of countries not cooperating in the fight against money laundering in 2001. The government and the Central Bank set up a joint task force to ensure compliance by all banks and financial institutions. The accounts of suspected terrorist organizations were also subjected to close scrutiny by the Central Bank and the Banking Control Commission. Full Story

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