Financial Crime World

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Lebanon’s Financial Institution Risk Assessment Reveals Areas of Concern

A recent evaluation by the Financial Action Task Force (FATF) has shed light on the strengths and weaknesses of Lebanon’s financial institution risk assessment. The country received a mixed report, with some areas showing significant improvement while others remain a concern.

Progress Made in Preventing Money Laundering and Terrorist Financing

According to the evaluation, Lebanon has made progress in implementing measures to prevent money laundering and terrorist financing. However, there are still several areas that require attention.

Risk Assessment and National Cooperation

In assessing risk and applying a risk-based approach (R.1), Lebanon was found to be largely compliant (LC). The country’s national cooperation and coordination (R.2) were also deemed largely compliant.

Concerns Remain in Other Areas

However, the report highlighted concerns in several other areas, including:

  • Money Laundering Offence Laws (R.3): Partially Compliant (PC)
  • Measures for Confiscation and Provisional Measures (R.4): Largely Compliant
  • Targeted Financial Sanctions related to Terrorism and Terrorist Financing (R.6) and Proliferation (R.7): Largely Compliant, but concerns about the misuse of non-profit organizations (R.8)
  • Customer Due Diligence (R.10), Record Keeping (R.11), and Internal Controls and Foreign Branches and Subsidiaries (R.18): Partially or Non-Compliant
  • Reliance on Third Parties (R.17) and Reporting of Suspicious Transactions (R.20): Compliant

Regulation and Supervision of Financial Institutions

The evaluation also touched on areas such as:

  • Regulation and Supervision of Financial Institutions (R.26)
  • Powers of Supervisors (R.27)
  • Financial Intelligence Units (R.29)

In these areas, Lebanon was largely or partially compliant.

Conclusion

Overall, the report concludes that while Lebanon has made progress in implementing measures to prevent money laundering and terrorist financing, there are still significant areas for improvement. The country must address these concerns to ensure its financial institutions are adequately protected from illicit activities.