Lebanon
Lebanon has continued to make progress toward developing an effective money laundering and terrorism finance regime incorporating the Financial Action Task Force (FATF) Forty Recommendations.
The Lebanese Government, in common with Banque du Liban (BDL), has passed legislation designed to prevent money laundering which imposes certain requirements upon institutions registered in their jurisdiction.
The principle Lebanese anti-money laundering legislations are summarized as follows:
- In October 2003, the Lebanese National Assembly passed two bills strengthening existing legislation against money laundering and terrorist financing:
- Law No.547 expands existing legislation on money laundering, making illicit any funds resulting from terrorism.
- Law No. 553 stipulates penalties for persons who financially support terrorist acts or organizations.
BDL issued circular No. 83 on May 18, 2001 concerning regulations on the control of financial and banking operations for fighting money laundering, and amended it on May 31, 2002 and September 17, 2003
The Lebanese parliament has adopted and the President of the Republic promulgated the text of Law No. 318 – Fighting Money Laundering, 2001.
Law No. 318 established a Financial Intelligence Unit (FIU), called the Special Investigation Commission (SIC), which is an independent entity responsible for receiving and investigating reports of suspicious transactions.
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Sources
“Lebanese Republic, Anti-money laundering/terrorist financing”
International Narcotics Control Strategy Report, Released by the Bureau for International Narcotics and Law Enforcement Affairs, March 2006
