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Lebanon Finance News

Dedicated to economic and business news on Lebanon, managed by the team of Lebanon Opportunities.

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Money Laundering

Central Bank to banks: Know your real client. Central Bank’s decision is pa rt of anti-money laundering compliance. News from Lebanon

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The Central Bank (BDL) has issued a circular instructing banks and financial entities to identify the ultimate owners or controllers, technically called ’beneficial owners’, of their institutional and individual clients.

They must also open ….
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Financial crimes on the rise 597 cases reported. Embezzlement is the most reported crime. News from Lebanon

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The number of money laundering and terrorism financing crimes reported to the Central Bank’s Special Investigation Commission (SIC) increased 27 percent to 597 cases in 2017.

Nearly 80 percent of the cases were reported by local entities with….
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470 financial crimes reported Special Investigation Comm.. Cases of terrorism financing up 70 percent

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The Central Bank’s Special Investigation Commission (SIC) said it received 470 cases related to financial crimes last year, up nine percent compared with 2015.

The number of crimes reported by local sources totaled 363. The remaining 107 case….
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Moneylenders and NGOs added to watchlist categories. Central Bank tightens noose around money launderers

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The Central Bank (BDL) has added three categories of customers to the list of clients that banks and financial institutions should classify according to their risk for money laundering and terrorist financing.

BDL’s intermediate circular 421 ….
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Prepaid cards, bearer shares prohibited by Central Bank. In effort to combat money laundering

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The Central Bank (BDL) has issued a ruling prohibiting banks from issuing or marketing prepaid cards. The decision also applies to other institutions that issue credit and loyalty cards.

The move is part of BDL’s efforts to combat money laund….
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Lebanon tops Arab world in financial secrecy. It mixes secrecy with big tax exemptions

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The Tax Justice Network (TJN) said it has ranked Lebanon first in the Arab world and seventh globally in the 2015 Financial Secrecy Index (FSI).

“Lebanon has sailed against the prevailing winds on global financial transparency and continues t….
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Lebanon tops Arab world in financial secrecy. It mixes secrecy with big tax exemptions

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The Tax Justice Network (TJN) said it has ranked Lebanon first in the Arab world and seventh globally in the 2015 Financial Secrecy Index (FSI).

“Lebanon has sailed against the prevailing winds on global financial transparency and continues t….
Article details

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