Lebanon fights money laundering
After Lebanon was listed among non-cooperating counties by the Financial Action Task Force (FATF)Â in 2000, it had to take strict procedures.
To be removed from this blacklist in 2002, Lebanon had to take several steps that included issuing the law 318/2001 aimed to help banks avoid being abused as media for laundering the “dirty†money.
On July 15, Secretary of the investigation authority Mohammad Baaresisaid that this authority played an important role in revealing and fighting money laundering operations. The investigation authority was set up in 2001 and it was headed by the governor of Lebanon’s Central Bank. Baaresisaid noted that law 318 does not violate the confidentiality of banks. He also said that about 200 cases are suspected t as money laundering and terrorism financing every year in Lebanon.
He also emphasized that Lebanon played a great role in establishing Middle East and North Africa Financial Action Task Force (MENAFATF) that is headquartered in Bahrain.