Financial Crime World

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Financial Crime Investigation Process in Lebanon: A Step-By-Step Guide

The Lebanese government has established a robust financial crime investigation process to combat money laundering and terrorist financing. At the heart of this process is the Special Investigation Commission (SIC), which plays a crucial role in identifying, investigating, and prosecuting financial crimes.

The SIC’s Structure

The SIC’s Secretary General oversees the entire operation, supervising directly the various units that make up the commission. These units are tasked with:

  • Analyzing suspicious transaction reports
  • Conducting investigations
  • Providing analytical opinions on executed tasks
  • Monitoring domestic and foreign laws and regulations
  • Recommending amendments to Lebanese legislation
  • Fostering cooperation between the SIC and its international counterparts

Analysis & Investigation Unit

The Analysis & Investigation Unit is responsible for analyzing financial transactions and identifying potential money laundering and terrorist financing activities. This unit receives reports from:

  • Banks
  • Financial institutions
  • Other reporting entities
  • Law enforcement authorities
  • Foreign counterparts

The unit’s findings are used to make decisions on whether to:

  • Freeze accounts
  • Exchange information with foreign authorities
  • Refer cases to the General Prosecutor

Compliance Unit

The Compliance Unit is responsible for ensuring that financial institutions and other reporting entities comply with anti-money laundering and counter-terrorist financing (AML/CFT) regulations. This involves:

  • Conducting onsite and offsite supervision
  • Assessing the effectiveness of compliance programs and internal controls
  • Recommending updates to AML/CFT obligations
  • Introducing new ones in accordance with international standards and best practices

Database Administrative Unit

The Database Administrative Unit is responsible for managing the SIC’s database, which contains all filed suspicious transaction reports and other relevant information. This unit:

  • Logs, maintains, and analyzes data
  • Issues statistics used in annual reports and strategic analysis

Information Technology & Security Unit

The Information Technology & Security Unit manages the technical infrastructure needed to support the SIC’s operations, including:

  • Servers
  • Internal networks
  • Software applications

This unit is also responsible for ensuring the safety and security of:

  • Premises
  • Data
  • Archived documents

Conclusion

Overall, the financial crime investigation process in Lebanon is designed to be a robust and effective mechanism for identifying and prosecuting financial crimes. By working together, the various units of the SIC can ensure that money laundering and terrorist financing are combatted effectively, and that the integrity of the Lebanese financial system is maintained.