Financial Crime World

Financial Crimes Definition in Lebanon: Experts Convene to Address Cash Economy Concerns

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A significant conference on “Financial Crime and Cash Economy” is scheduled to take place next month, co-organized by Holy Spirit University of Kaslik and Rethinking Lebanon. The event aims to bring together experts from various fields to discuss the rising trend of financial crimes in Lebanon, where a cash economy has become the norm.

Background: Lebanon’s Economic and Financial Crisis

Lebanon is currently facing one of the most severe economic and financial crises globally since the mid-19th century. This crisis has led to a shift towards a cash-based system, with many individuals turning to alternative methods such as money transfer systems like OMT/Western Union or Wish.

Objectives of the Conference

The conference will focus on:

  • Identifying new illicit cash flow trends
  • Evaluating policies to boost cash transparency
  • Improving cross-sector information sharing
  • Building awareness about financial crimes
  • Examining solutions to reduce overreliance on cash, including:
    • Restoring trust in banks
    • Expanding digital payments
    • Implementing focused cash regulations
    • Incentivizing formal financial services

Goals and Outcomes

The goal of the conference is to advance a coordinated response that combats financial crimes while considering economic and inclusion impacts as Lebanon transitions away from a cash-based system. The event will provide a platform for experts to share knowledge, discuss solutions, and identify best practices.

Event Details

  • Date: March 26, 2024
  • Time: 9:30 AM - 2:30 PM
  • Venue: Jean Paul II amphitheater on USEK campus in Jounieh
  • Participation options:
    • In-person attendance at the event
    • Live streaming on Zoom
    • Immersive metaverse experience

Support and Partnerships

The conference is being supported by various media outlets and channels, making it a valuable platform for discussion and knowledge-sharing on this critical topic.

Join us as we convene experts to address cash economy concerns and work towards building a more transparent and secure financial system in Lebanon.