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Lebanon’s AML/CFT Regulations: A Country-by-Country Breakdown

The fight against money laundering and terrorist financing in Lebanon is governed by a complex web of laws, circulars, and international agreements. This special report provides an overview of the key regulations and updates from around the country.

At the heart of Lebanon’s anti-money laundering (AML) and combating the financing of terrorism (CFT) regime are the laws enacted by Parliament. The most significant of these is Law No. 44, passed in 2015, which establishes the legal framework for AML/CFT in Lebanon and sets out the obligations of financial institutions, designated non-financial businesses and professions (DNFBPs), and individuals.

Central Bank Circulars

In addition to laws, the Central Bank of Lebanon (BDL) has issued a number of circulars setting out the guidelines and requirements for implementing AML/CFT measures. Notable examples include:

  • Circular No. 32, which expands the competence of the Supreme Islamic Council (SIC) to include corruption-related matters.
  • Other circulars related to AML/CFT, including Circular No. 42 and Circular No. 44.

International Agreements

Lebanon has also signed several international agreements aimed at combating terrorism financing and money laundering, including:

  • Law No. 53, which allows the government to accede to international agreements aimed at combating terrorism financing.
  • Law No. 55, which facilitates exchange of information for tax purposes.

Recent Updates

Lebanon has updated its laws to strengthen its AML/CFT framework, including:

  • Law No. 77, which amends Article 316 bis of the Lebanese Penal Code to increase penalties for money laundering and terrorist financing offenses.

Conclusion

In conclusion, Lebanon’s AML/CFT regulations are a complex but vital part of the country’s efforts to combat financial crime. From laws and circulars to international agreements, this special report provides a comprehensive overview of the key regulations and updates from around the country.