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Lebanon Enacts Stringent Financial Laws to Boost Transparency and Compliance

Beirut, Lebanon - The Lebanese government has taken significant steps to enhance financial transparency and combat money laundering, terrorist financing, and tax evasion by enacting a series of laws aimed at strengthening its financial regulatory framework.

Strengthening the Regulatory Framework

The latest additions include Laws No. 160 and No. 161 passed in August 2011, which:

Prohibit insider trading based on material non-public information
Establish the Financial Markets Commission to regulate and monitor the functioning of the financial markets and its participants

Combating Money Laundering and Terrorist Financing

In November 2015, a package of four laws was adopted, including:

Law No. 42 declaring the cross-border transportation of money
Law No. 43 exchanging tax information
Law No. 44 fighting money laundering and terrorist financing
Law No. 53 authorizing Lebanon to join the International Convention for the Suppression of the Financing of Terrorism

Enhancing Taxation and Financial Transparency

More recent laws have focused on taxation and financial transparency, including:

Law No. 55 passed in October 2016, requiring the exchange of information for tax purposes with foreign authorities
Law No. 60 amending several provisions of the Tax Procedures Law to enhance compliance

Regulating Partnerships and Corporate Income Tax

In addition, the government has taken steps to regulate partnerships between public and private sectors, as well as increase corporate income tax rates. According to Article 15 of Law No. 64 passed in October 2017, the corporate income tax rate has been increased from 15% to 17%.

Clarifying Implementation and Strengthening the Banking Sector

The Ministry of Finance has also issued several decisions to clarify the implementation of these laws, including:

Decision No. 514/1 setting out the terms of application of Article 49 of Law No. 66
Exempting interbank deposits from a 7% tax on interest and revenue of all bank liabilities (April 2018)

Electronic Transactions and Personal Data Protection

In October 2018, two laws were passed:

Law No. 85 amending certain provisions of Decree Law No. 46/1983 on the status of offshore companies
Law No. 81 regulating electronic transactions and personal data, including electronic commerce and contracts, as well as personal data protection

Conclusion

These measures demonstrate the Lebanese government’s commitment to enhancing financial transparency and combating money laundering, terrorist financing, and tax evasion, and are expected to have a positive impact on the country’s financial sector.

References

Laws No. 160 and No. 161
- Prohibit insider trading based on material non-public information
- Establish the Financial Markets Commission to regulate and monitor the functioning of the financial markets and its participants
Law No. 42 declaring the cross-border transportation of money
Law No. 43 exchanging tax information
Law No. 44 fighting money laundering and terrorist financing
Law No. 53 authorizing Lebanon to join the International Convention for the Suppression of the Financing of Terrorism
Law No. 55 passed in October 2016, requiring the exchange of information for tax purposes with foreign authorities
Law No. 60 amending several provisions of the Tax Procedures Law to enhance compliance
Law No. 64 passed in October 2017, increasing corporate income tax rates
Decision No. 514/1 setting out the terms of application of Article 49 of Law No. 66
Law No. 81 regulating electronic transactions and personal data, including electronic commerce and contracts, as well as personal data protection
Law No. 85 amending certain provisions of Decree Law No. 46/1983 on the status of offshore companies