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Public Prosecutor of the Court of Cassation and Higher Banking Commission Receive Notice

Discontinuation of Case due to Lack of Sufficient Proof

BEIRUT, LEBANON - The Public Prosecutor of the Court of Cassation has announced that it will drop the case of money laundering and terrorist financing after receiving a notice from the Higher Banking Commission.

According to the notice, the Higher Banking Commission had discovered evidence of suspicious transactions by certain individuals and entities, which led to an investigation and subsequent charges. However, following further examination of the evidence, the Public Prosecutor has decided to discontinue the case due to lack of sufficient proof linking the accused to the alleged offenses.

Penalties for Violations

Under the new anti-money laundering and terrorist financing law, individuals or entities found guilty of violating the provisions of the law shall be punishable by:

  • Imprisonment for a period of two months to one year
  • Or/and a fine not exceeding 100 million Lebanese pounds
  • Or/and fines imposed by the Higher Banking Commission not exceeding 200 times the official minimum wage

Confiscation of Assets

The law also stipulates that movable or immovable assets proven to be related to or derived from money laundering or terrorist financing offenses shall be confiscated to the benefit of the State.

In cases where the confiscation results directly from coordinated investigations or cooperation between Lebanese authorities and foreign bodies, the confiscated assets may be shared with other countries.

Repeal of Previous Laws

The law also repeals certain provisions of previous laws, including:

  • Law No 426 of May 15, 1995, on authorizing the ratification of the 1988 United Nations Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances
  • Law No 673 of March 16, 1998, on Narcotic Drugs and Psychotropic Substances

Entry into Force

The law shall enter into force upon its publication in the Official Gazette.