The Association of Banks in Lebanon called on Parliament to ratify three draft laws to combat money laundering that the Cabinet already approved three years ago.
It also called for approving Lebanon’s adherence to the United Nations’ 1999 International Convention for the Suppression of the Financing of Terrorism.
ABL said the first draft law allows the introduction of amendments to anti-money laundering Law 318, the second draft law regulates the transfer of funds across borders and the third one is about the exchange of tax information, as reported by Lebanon This Week, the economic publication of the Byblos Bank Group.
The association said the ratification of the three draft laws would strengthen the country’s anti-money laundering framework.
ABL indicated that the requirements for Lebanon to join the United Nations’ treaty are simple and consist of including the definition of terrorism in clauses 314, 315 and 316 of the Lebanese Penal Code.
It said Lebanon’s banking secrecy does not contradict the U.N. convention due to the presence of the Special Investigation Commission against Money Laundering, which regulates the lifting of banking secrecy. Also, it noted that Lebanon ratified the Arab Convention on the Suppression of Terrorism in 1999 and signed several bilateral agreements to combat terrorism that are similar to the United Nations convention.
