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Wissam Fattouh says Lebanon to be placed on 'grey list;' Central Bank keeps US banking ties

Lebanon Economy

2024-10-24 | 12:22

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Wissam Fattouh says Lebanon to be placed on 'grey list;' Central Bank keeps US banking ties

The Secretary-General of the Arab Banking Union, Dr. Wissam Fattouh, announced after a conference held by the union at the Federal Reserve Bank in New York, attended by the U.S. Treasury and the Financial Action Task Force for the Middle East and North Africa (MENAFATF), that Lebanon will be placed on the grey list, with the decision expected to be issued next week or shortly thereafter.

Fattouh noted that this could be a good opportunity to exert pressure and initiate serious and effective efforts by the Lebanese government to implement the necessary banking and economic reforms, despite the significant challenges the government currently faces due to the ongoing aggression against Lebanon.

He stressed that, due to the substantial efforts of the Central Bank of Lebanon, most U.S. correspondent banks will continue their dealings with Lebanese banks. However, maintaining relationships with European banks presents a significant challenge.

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