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Salameh: New anti-laundering laws


(BEIRUT, LEBANON) — Lebanese Central Bank Governor Riad Salameh revealed new measures taken by Banque Du Liban to tackle money landering in Lebanon on Thursday.

“Lebanon issued Law No. 318 on fighting money laundering, which gave birth to the SIC (Special Investigation Commission), an independent entity affiliated to BDL, whose mission is to efficiently fight all kinds of money laundering activities,” said Salameh.

Salameh announced these measures at the two-day “Governance, Risk and Compliance Summit” hosted by Thomson Reuters, which gathered regional and international bank leaders to discuss monetary trends in Lebanon and the Middle East.

Salameh said the new measures will regulate cross-border transportation of cash and tackle tax evasion. He also introduced the “Financial Stability Unit,” which will monitor the financial sector in Lebanon.

“We are in the process of establishing a Consumer Protection Unit to ensure that banks deal equally with all their customers in a transparent manner,” he said. “We have issued circulars requesting banks to establish compliance and risk management units, to appoint independent members in their board of directors, and to create a remuneration committee whose members are chosen among the board’s non-executive members.”

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