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LEBANON AML/CFT REGULATIONS: A COMPREHENSIVE OVERVIEW

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A recent report by SEEDS for Legal Initiatives, an ICNL partner, provides a detailed overview of anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations in Lebanon. The report also highlights FATF Recommendation 8 and best practices for countries and non-profit organizations to implement effective AML/CFT measures while respecting the rights of associations.

Regulatory Landscape in Lebanon

The report delves into the current regulatory landscape in Lebanon, examining the country’s legal framework and implementing institutions responsible for ensuring compliance with international standards. It also explores the challenges and obstacles faced by non-profit organizations (NPOs) in adhering to AML/CFT regulations, highlighting the need for practical solutions and best practices.

Challenges Faced by NPOs

Compliance Burden

NPOs face significant challenges in complying with AML/CFT regulations due to their limited resources and lack of expertise.

Limited Access to Information

NPOs often struggle to access information about the identity of donors and beneficiaries, making it difficult for them to conduct effective due diligence.

Balancing AML/CFT Measures with Association Rights

The report concludes by emphasizing the importance of balancing AML/CFT measures with the rights of associations, recognizing that effective implementation requires a nuanced approach that takes into account the unique needs and constraints of NPOs.

The Need for Practical Solutions

Simplified Compliance Procedures

Streamlining compliance procedures can help reduce the burden on NPOs and enable them to focus on their core mission.

Access to Training and Resources

Providing access to training and resources can help NPOs develop the skills and knowledge needed to effectively implement AML/CFT measures.

Conclusion

The report is available in both Arabic and English, making it an invaluable resource for stakeholders seeking to navigate Lebanon’s complex regulatory environment. By providing a comprehensive overview of AML/CFT regulations in Lebanon, this report aims to contribute to a deeper understanding of the country’s legal framework and inform policy discussions on how best to balance AML/CFT measures with the rights of associations.