Financial Crime Investigation Process in Lebanon Exposed
In a bid to combat illicit activities and safeguard concerned sectors from illegal proceeds, Lebanon’s Special Investigation Commission (SIC) has taken center stage as the country’s premier financial intelligence unit with judicial status.
The Role of the SIC
The SIC plays a crucial role in:
- Receiving and analyzing suspicious transaction reports (STRs)
- Conducting financial investigations
- Lifting banking secrecy
- Freezing accounts and/or transactions
- Forwarding information to concerned judicial authorities
Additionally, the commission is empowered to prevent the use of movable or immovable assets for terrorism and financing purposes.
International Cooperation
The SIC collaborates with international partners on requests of assistance (ROAs) and shares ML/TF intelligence with foreign counterparts. It also:
- Proposes AML/CFT regulations
- Issues recommendations to concerned parties
- Conducts risk-based compliance examinations to ensure proper implementation of prevailing regulations by banks and other reporting entities
Criminalized Activities in Lebanon
Lebanese Law No. 44 criminalizes a wide range of illicit activities, including:
- The growing, manufacturing, or trafficking of narcotic drugs and psychotropic substances
- Terrorism
- Financing of terrorism
- Illegal arms trading
- Kidnapping
- Insider trading
- Corruption
- Fraud
- Counterfeiting
- Smuggling
- Human trafficking
- Environmental crimes
- Extortion
- Murder
- Tax evasion
Vulnerable Industries
The SIC has identified various industries as vulnerable to money-laundering operations, including:
- Banks
- Financial institutions
- Money exchange firms
- Antique dealers
- Real estate concerns
- Jewelry dealers
- Others
The SIC’s Efforts
The commission’s efforts aim to protect these sectors from the illegal use of their services for financial crimes. With its extensive powers and international cooperation, the SIC is at the forefront of Lebanon’s fight against financial crime, working tirelessly to disrupt criminal networks and bring perpetrators to justice.