Financial Crime World

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Lebanon’s AML Rules and Regulations: A Comprehensive Guide

In recent years, Lebanon has taken significant steps to strengthen its anti-money laundering (AML) framework, aligning it with international standards. The country’s central bank, Banque du Liban (BDL), has issued several circulars and regulations aimed at combating money laundering and terrorist financing.

Expansion of SIC Competence

One notable development is the expansion of the Securities and Commodities Authority (SIC) competence to include corruption, as outlined in Circular No. 32 of 2008. This move demonstrates the government’s commitment to tackling financial crimes and ensuring transparency in the financial sector.

Enacted Laws

Lebanon has enacted several laws aimed at preventing money laundering and terrorist financing:

  • Law on Declaring the Cross-Border Transportation of Money (Circular No. 42 of 2015): Requires individuals and entities to declare the transportation of large amounts of cash across borders.
  • Law on Fighting Money Laundering and Terrorism Financing (Circular No. 44 of 2015): Sets out the framework for combating these crimes.

International Conventions

Lebanon has acceded to several international conventions aimed at preventing financial crimes:

  • International Convention for the Suppression of the Financing of Terrorism (Signed in New York on December 9, 1999; Circular No. 53 of 2015): Authorizes the government to join the convention.

Tax Cooperation

In recent years, Lebanon has focused on improving tax cooperation with other countries:

  • Circular No. 55 of 2016: Outlines the terms and conditions for exchanging information for tax purposes.

Amendment to Lebanese Penal Code

A significant amendment to the Lebanese Penal Code was introduced in 2016 with Circular No. 77. The amendment aimed at strengthening penalties for financial crimes, including money laundering and terrorist financing.

Conclusion

These developments demonstrate Lebanon’s commitment to implementing effective AML rules and regulations, ensuring a secure and transparent financial sector for its citizens and businesses alike.