Cracking Down on Financial Crime and Cash Economy: Lebanon’s Road to Recovery

In the face of a worsening economic crisis, Lebanon is taking a pivotal step towards addressing the surge in financial crimes fueled by the country’s burgeoning cash economy. The one-day conference, titled “Financial Crime and Cash Economy,” will bring together experts from various sectors to discuss solutions and policy responses.

Background

• Lebanon is grappling with one of the most severe economic crises in the world since the mid-nineteenth century (World Bank estimates)
• Increasingly cash-driven economy, leading to a rise in financial crimes

Agenda

The conference, organized by Holy Spirit University of Kaslik and Rethinking Lebanon, in collaboration with the Lebanese Army, will cover the following topics:

1. Uncovering new illicit cash flow trends
2. Evaluating policies aimed at boosting transparency in the cash sector
3. Enhancing cross-sector information sharing
4. Building broader awareness

Experts will also discuss ways to reduce Lebanon’s overreliance on cash, such as:

• Reinforcing trust in banking institutions
• Expanding digital payment options
• Implementing targeted cash regulations
• Offering incentives for adopting formal financial services

Event Details

The conference will take place on March 26, 2024, at the Jean Paul II amphitheater on the USEK campus in Jounieh. Attendees can join in person (1350 maximum), or virtually via Zoom livestream or an immersive metaverse experience. Broad media coverage is expected.

Collaboration and Economic Recovery

In the fight against financial crimes and the shift towards a cashless economy, collaboration among stakeholders will be essential to Lebanon’s economic recovery. This conference represents a critical step towards crafting a coordinated response while considering the implications for the economy and financial inclusion.