|العنوان||Dirty money in the banking sector|
|المؤلف||Attorney Reeda Halawi|
|الناشر||المنشورات الحقوقية صادر|
In this book, the author explores the anti-money laundering framework in Lebanon and compares it to the international standards on AML/CFT, in light of the current banking secrecy law in place. As the banking sector is the most important pillar of the economy in the country, it is crucial that financial institutions comply with the international regulatory framework to prevent from criminal activities such as anti-money laundering, terrorism financing, tax evasion, among many others.
As these crimes have long existed now, and with the increase use by criminal networks of accounts to launder money deriving from criminal activities, and then inserting such funds in a country’s economy as to give them a ‘clean’ new appearance, financial institutions must keep up with the latest international standards to prevent from such misconducts. In order to do so, a close cooperation with the country’s financial intelligence unit (FIU)- The special investigation commission (SIC)- is necessary, as this organ is responsible of launching investigations on suspicious accounts and hence deciding upon the lifting of banking secrecy off the said accounts.