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Lebanon’s AML/CFT Regulations by Country: A Comprehensive Review

The Financial Action Task Force (FATF) has been monitoring Lebanon’s efforts to combat money laundering and terrorist financing. In its latest assessment, Lebanon scored well on several fronts, but still lags behind in some areas.

Lebanon’s Ratings

According to the FATF Recommendations, a country is considered “compliant” if it meets all the requirements, while being “largely compliant” means it has implemented most of them. A score of “partially compliant” indicates some progress, but with notable gaps remaining. Conversely, “non-compliant” countries have failed to implement essential measures.

Here are Lebanon’s ratings for each of the 40 Recommendations:

Recommendations

R.1 - Assessing risk & applying risk-based approach: Largely Compliant (LC)
R.2 - National cooperation and coordination: Largely Compliant (LC)
R.3 - Money laundering offence: Largely Compliant (LC)
R.4 - Confiscation and provisional measures: Partially Compliant (PC)
R.5 - Terrorist financing offence: Partially Compliant (PC)
R.6 - Targeted financial sanctions related to terrorism & terrorist financing: Largely Compliant (LC)
R.7 - Targeted financial sanctions related to proliferation: Largely Compliant (LC)
R.8 - Non-profit organisations: Non-Compliant (NC)
R.9 - Financial institution secrecy laws: Compliant (C)
R.10 - Customer due diligence: Partially Compliant (PC)
R.11 - Record keeping: Largely Compliant (LC)
R.12 - Politically exposed persons: Partially Compliant (PC)
R.13 - Correspondent banking: Largely Compliant (LC)
R.14 - Money or value transfer services: Partially Compliant (PC)
R.15 - New technologies: Non-Compliant (NC)
R.16 - Wire transfers: Partially Compliant (PC)
R.17 - Reliance on third parties: Largely Compliant (LC)
R.18 - Internal controls and foreign branches and subsidiaries: Largely Compliant (LC)
R.19 - Higher-risk countries: Non-Compliant (NC)
R.20 - Reporting of suspicious transactions: Partially Compliant (PC)
R.21 - Tipping-off and confidentiality: Compliant (C)
R.22 - DNFBPs: Customer due diligence: Partially Compliant (PC)
R.23 - DNFBPs: Other measures: Partially Compliant (PC)
R.24 - Transparency and beneficial ownership of legal persons: Non-Compliant (NC)
R.25 - Transparency and beneficial ownership of legal arrangements: Non-Compliant (NC)
R.26 - Regulation and supervision of financial institutions: Partially Compliant (PC)
R.27 - Powers of supervisors: Compliant (C)
R.28 - Regulation and supervision of DNFBPs: Non-Compliant (NC)
R.29 - Financial intelligence units: Compliant (C)
R.30 - Responsibilities of law enforcement and investigative authorities: Compliant (C)
R.31 - Powers of law enforcement and investigative authorities: Compliant (C)
R.32 - Cash couriers: Partially Compliant (PC)
R.33 - Statistics: Largely Compliant (LC)
R.34 - Guidance and feedback: Partially Compliant (PC)
R.35 - Sanctions: Largely Compliant (LC)
R.36 - International instruments: Largely Compliant (LC)
R.37 - Mutual legal assistance: Compliant (C)
R.38 - Mutual legal assistance: freezing and confiscation: Largely Compliant (LC)
R.39 - Extradition: Largely Compliant (LC)
R.40 - Other forms of international cooperation: Largely Compliant (LC)

Conclusion

Lebanon’s AML/CFT regulations are largely compliant, but there is still room for improvement. The country needs to address issues related to non-profit organisations, new technologies, and transparency and beneficial ownership of legal persons and arrangements. By implementing these measures, Lebanon can strengthen its fight against money laundering and terrorist financing and enhance its international cooperation with other countries.