Executive Summary

The Combating Money Laundering and Terrorist Financing (ML/FT) Regime in Syria: An Overview

This report provides an executive summary of the ML/FT regime in Syria, highlighting key aspects of the regime and areas that require improvement.

Key Aspects of the ML/FT Regime

1. The Combating Money Laundering and Terrorist Financing Commission (CMLTFC)

• Responsibilities: The CMLTFC is responsible for receiving suspicious transaction reports (STRs), conducting financial investigations, and providing information to competent authorities.

2. Prosecution Competence

• Public Prosecution: In Syria, the prosecution competence in ML/FT cases is entrusted to the public prosecution, not the CMLTFC as stated in the law defining the CMLTFC.

3. Disclosure/Declaration System for Cash Amounts and Bearer Financial Instruments

• There is no disclosure/declaration system for cash amounts and bearer financial instruments at borders.

Preventive Measures - Financial Institutions

The following measures are in place to prevent ML/FT:

• Banks: Supervised by the Council for Money and Credit (CMC) through the Banking Supervision Department (BSD).
• Insurance Sector: Regulated and monitored by the Syrian Insurance Supervisory Commission (ISC).
• Investment in Financial Securities: Not activated despite the establishment of the Syrian Stocks and Financial Markets Authority.

Areas for Improvement

The report highlights areas that require improvement, including:

• Protecting the independence of the CMLTFC through its budget.
• Providing better protection for information received by the CMLTFC.
• Adopting rules to regulate the exchange of information.
• Expediting the issue of the annual report.
• Improving human and financial resources of the CMLTFC.

Conclusion

Overall, the report provides an overview of Syria’s ML/FT regime and highlights areas for improvement.