Lebanon

New Documents

CFR Senior Fellow Outlines Measures to Combat Corruption in Central America, Mexico

Shannon K. O’Neil, the Senior Fellow for Latin America Studies at the Council of Foreign Relations, testified before Congress on ways to end corruption in Central America and Mexico.

June 14, 2021

Lebanon’s FIU Publishes 2017 Annual Report

Lebanon’s Special Investigation Commission released its 2017 annual report, which includes information on legislation that was published in 2017, compliance examinations conducted at banks and other reporting entities, and the report provides statistical data on money laundering-related cases.

August 20, 2018

DFSA, Lebanese Regulator Sign MOU on Cooperation

September 18, 2017

President Trump Discusses Hizballah with Prime Minister of Lebanon

July 25, 2017

OECD: Bahrain, Other Jurisdictions Agree to International Tax Exchange Standard

May 11, 2016

News

Weekly Roundup: Former Prosecutor Tapped to Lead US Sanctions Office, FinCEN Renews Real Estate GTO, and More

Moneygram fined after handling funds for blacklisted inmates, OFAC penalizes German software firm, and more, in the weekly roundup.

April 30, 2021

Midweek Roundup: Latvia Finds No Evidence of ABLV Bribes, Turkish Lender Wants US Case Dismissal, and More

IMF wants Philippine AML regulator to stop operating state-owned casinos, Swiss authorities identify suspicious payments from Lebanon’s central bank, and more, in the midweek roundup.

April 14, 2021

Weekly Roundup: White House Wants FinCEN Budget Boost, Wirecard Fugitive Tied to New Alleged Fraud Scheme, and More

April 9, 2021

Midweek Roundup: Supreme Court Upholds Trump Subpoena, EU Issues 4AMLD Warning, and More

February 24, 2021

Weekly Roundup: Leaked Report Exposes Credit Suisse’s AML Flaws, Banco Santander Under Investigation, and More

February 5, 2021

Enforcement Actions

0 Items Found

Key Documents

Lebanon Adopts AML/CFT Law

October 20, 2003

Lebanon Expands Competence of Its FIU

October 16, 2008

Central Bank of Lebanon Updates AML/CFT Regulations for Banks

August 22, 2011

Lebanon Central Bank Imposes Requirements on Hawala Cash Transfers

September 24, 2007

Lebanon Central Bank Sets AML/CTF Rules for Correspondent Banking

April 5, 2012

Lebanon Imposes AML/CFT Controls on Cross-Border Cash Transportation

May 21, 2011

Lebanon Special Investigation Commission Imposes AML Requirements on Non-Banks

July 4, 2001

Lebanon Imposes AML Requirements for Financial Brokerage Firms

August 18, 2005

Important Facts

  • The U.S. Department of State labels Lebanon as a major money laundering jurisdiction. Domestically, there is a black market for cigarettes, cars, counterfeit consumer goods, pirated software, CDs, and DVDs. However, the sale of these goods does not generate significant proceeds that are laundered through the formal banking system. In addition, the domestic illicit narcotics trade is not a principal source of laundered funds.  A number of exchange houses are reportedly used to facilitate money laundering and terrorism financing, including by Hezbollah, which the United States has designated as a terrorist organization. Lebanese expatriates in Africa, the Gulf, and South America have established financial systems outside the formal financial sector, and some are reportedly involved in trade-based money laundering schemes. International trade also facilitates counter-valuation between Lebanese hawaladars.
-Source: 2018 International Narcotics Control Strategy Report (INCSR).
  • KYC covered entities:Banks, financial and lending institutions, money dealers, financial brokerage firms, leasing companies, mutual funds, insurance companies, real estate developers, promotion and sales companies, high-value goods merchants, and money remitters
  • STR covered entities:Banks, lending institutions, money dealers, financial brokerage firms, leasing companies, mutual funds, insurance companies, real estate developers, promotion and sales companies, casinos, money remitters, auditors appointed at financial institutions, high-value goods merchants, public notaries, attorneys, and accounts
  • Enhanced due diligence procedures for PEPs:Foreign:YESDomestic:NO
  • Money laundering criminal prosecutions/Convictions: Prosecutions:12: (January - October, 2015); Convictions:0
-Source: 2016 International Narcotics Control Strategy Report (INCSR).

Rankings

FATF i

Technical Effectiveness
Compliant : 4 High :
Largely Compliant : 19 Substantial :
Partially Compliant : 16 Moderate :
Non-Compliant : 10 Low :

BASEL i

Rank : 61/141
Score : 5.33/10

TRANSPARENCY INTERNATIONAL i

Rank : 137/180
Score : 28/100

Tax Justice Network i

Rank : 26/133
Score : 64/100