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Lebanon’s Financial Crime Prevention Measures Under Scrutiny: FATF Report Reveals Areas of Improvement

The Financial Action Task Force (FATF) has recently evaluated Lebanon’s efforts to prevent financial crimes and identified areas where improvement is needed. The report assesses the country’s compliance with international standards for combating money laundering, terrorist financing, and other illicit activities.

Assessment Results

According to the FATF assessment, Lebanon was found to be:

• Compliant in 14 out of 40 recommendations
• Largely compliant in 15
• Partially compliant in 9
• Non-compliant in 2

Areas for Improvement

The report highlights that while Lebanon has made efforts to strengthen its legal framework and regulatory system, there are still gaps in its implementation and enforcement. Specifically, the country needs to:

• Improve risk assessment and application of a risk-based approach
• Strengthen national cooperation and coordination mechanisms
• Increase transparency in beneficial ownership
• Implement effective measures to prevent the misuse of shell companies

Regulatory Gaps

The report also identifies weaknesses in Lebanon’s regulation and supervision of financial institutions, including:

• Inadequate customer due diligence requirements
• Poor record-keeping practices
• Limited powers of supervisors

International Cooperation

Combating financial crime requires international cooperation and coordination. The FATF report emphasizes the importance of reporting suspicious transactions and reliance on third parties.

Government Response

The Lebanese government has committed to addressing the shortcomings identified by the FATF report and implementing necessary reforms to strengthen its financial crime prevention measures. The country’s progress will be closely monitored by international authorities to ensure that it is meeting its commitments and effectively combating financial crime.

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