News
Latest News
news bulletin
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Other News
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Beirut
28
o
Bekaa
23
o
Keserwan
29
o
Metn
29
o
Mount Lebanon
23
o
North
30
o
South
25
o
Live
Video
Audio
Schedule
shows
العربية
watching now
Al Shakikatan
SUBSCRIBE
Home
Notification
Live
Video
Audio
shows
Beirut
28
o
Bekaa
23
o
Keserwan
29
o
Metn
29
o
Mount Lebanon
23
o
North
30
o
South
25
o
News
Programs
The News
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Programs
Documentaries
Lebanon’s Centennial
News Bulletin
The Untold History
Talk Show
Series
Sports
Variety
Other
Comedy
Oldies
Breaking News
Latest News
Highlighted News
Most Read
Videos
العربية
Watch the latest programs and the latest developments on your favorite screen
Shows
Join millions of followers
Who We Are
Contact Us
Advertise With Us
Careers
Channel frequencies
Privacy Policy
Terms and Conditions
Potential FATF sanctions: Can Lebanon curb the risks of a cash-fueled economy amid financial crimes?
News Bulletin Reports
2024-08-23 | 12:49
High views
Share
Share
2
min
Potential FATF sanctions: Can Lebanon curb the risks of a cash-fueled economy amid financial crimes?
Report by Lea Fayad, English adaptation by Yasmine Jaroudi
Lebanon is seeing an influx of cash, with at least $10 billion entering the country annually from remittances, tourist spending, and international aid, all bypassing the banking system, according to the World Bank's 2022 report.
This figure represents nearly half the size of the nation's economy—a situation fraught with risks.
Unlike bank transfers and checks, the untraceable nature of cash flows increases the potential for tax evasion, smuggling, corruption, money laundering, and even terrorism financing.
The growing reliance on cash also heightens the likelihood that Lebanon could be placed on the Financial Action Task Force (FATF) grey list this fall, leading to stricter international dealings with the country.
What steps is Lebanon taking to try to limit financial crimes?
In response, Lebanese banks and money transfer companies have enhanced their monitoring mechanisms and are collaborating closely with the Banque du Liban (BDL) to trace every dollar's origin.
Meanwhile, the judiciary is tightening accountability measures in line with recent FATF recommendations.
Judge Sabouh Sleiman noted that new investigative techniques in financial crimes are being developed, which will be handled independently by the Internal Security Forces (ISF).
However, these efforts are insufficient, according to participants at the Annual Forum on Combating Money Laundering and Terrorism Financing held in Beirut.
The event, which gathered Lebanese, Arab, and international experts, emphasized the urgent need for more robust legislation and reforms.
The forum's key message was clear: Lebanon must break free from its cash-based economy and associated problems.
The path forward lies in comprehensive reforms, restoring confidence in the banking sector, and recovering depositors' funds.
Lebanon News
Lebanon Economy
News Bulletin Reports
FATF
Sanctions
Lebanon
Cash
Economy
Financial
Crimes
Next
Tragic road accident in Bcharre: A family of five perishes on unsafe route
Israel Divided Over Response to Hezbollah Amid Escalating Northern Front Conflict
Previous
Related Articles
d-none hideMe
0
News Bulletin Reports
2024-08-22
Lebanon Faces Warnings of Grey List Inclusion Amid Struggles with Cash-Based Economy and Corruption
News Bulletin Reports
2024-08-22
Lebanon Faces Warnings of Grey List Inclusion Amid Struggles with Cash-Based Economy and Corruption
0
Lebanon Economy
2024-08-22
Wassim Mansouri: We are working hard to keep Lebanon off FATF grey list
Lebanon Economy
2024-08-22
Wassim Mansouri: We are working hard to keep Lebanon off FATF grey list
0
News Bulletin Reports
2024-08-21
Lebanon's Fight Against Financial 'Greylisting': Challenges and Political Pressures
News Bulletin Reports
2024-08-21
Lebanon's Fight Against Financial 'Greylisting': Challenges and Political Pressures
0
Middle East News
2024-07-18
US imposes new sanctions related to Yemen targeting financial network of Houthis
Middle East News
2024-07-18
US imposes new sanctions related to Yemen targeting financial network of Houthis
Recommended For You
d-none hideMe
0
News Bulletin Reports
12:55
Israel's refusal to withdraw from Gaza: Hostage deal in jeopardy with negotiations on edge
News Bulletin Reports
12:55
Israel's refusal to withdraw from Gaza: Hostage deal in jeopardy with negotiations on edge
0
News Bulletin Reports
12:48
Tragic road accident in Bcharre: A family of five perishes on unsafe route
News Bulletin Reports
12:48
Tragic road accident in Bcharre: A family of five perishes on unsafe route
0
News Bulletin Reports
2024-08-22
Israel Divided Over Response to Hezbollah Amid Escalating Northern Front Conflict
News Bulletin Reports
2024-08-22
Israel Divided Over Response to Hezbollah Amid Escalating Northern Front Conflict
0
News Bulletin Reports
2024-08-22
Philadelphi and Netzarim Corridors: Key Obstacles in Israel-Hamas Ceasefire Negotiations
News Bulletin Reports
2024-08-22
Philadelphi and Netzarim Corridors: Key Obstacles in Israel-Hamas Ceasefire Negotiations
Subscribe to our VOD
SUBSCRIBE
Our visitors readings
d-none hideMe
0
World News
00:19
Australia to lead joint task force in Red Sea for six months starting October
World News
00:19
Australia to lead joint task force in Red Sea for six months starting October
0
Israel-Gaza War Updates
2024-08-19
Hamas official Osama Hamdan demands implementation of Biden's proposal, criticizes Netanyahu's stance
Israel-Gaza War Updates
2024-08-19
Hamas official Osama Hamdan demands implementation of Biden's proposal, criticizes Netanyahu's stance
0
Lebanon News
06:19
Family of five dies in tragic car accident on Cedar-Bcharre road
Lebanon News
06:19
Family of five dies in tragic car accident on Cedar-Bcharre road
0
News Bulletin Reports
12:48
Tragic road accident in Bcharre: A family of five perishes on unsafe route
News Bulletin Reports
12:48
Tragic road accident in Bcharre: A family of five perishes on unsafe route
Videos
d-none hideMe
0
Lebanon News
2024-08-19
Israeli strike targets car in southern Lebanon, leaving one dead and several injured (video)
Lebanon News
2024-08-19
Israeli strike targets car in southern Lebanon, leaving one dead and several injured (video)
0
News Bulletin Reports
2024-08-13
Lebanon's authorities uncover five bodies in Kfarshima house: Here are the details
News Bulletin Reports
2024-08-13
Lebanon's authorities uncover five bodies in Kfarshima house: Here are the details
0
Lebanon News
2024-08-11
Lebanese Army finds main body of missile from Israeli Strike in Miryata forests
Lebanon News
2024-08-11
Lebanese Army finds main body of missile from Israeli Strike in Miryata forests
0
Lebanon News
2024-07-31
Mohammed Khair: Nine buildings damaged in Israeli attack; demolition planned for severely affected ones
Lebanon News
2024-07-31
Mohammed Khair: Nine buildings damaged in Israeli attack; demolition planned for severely affected ones
0
World News
2024-07-21
Full Transcript: Trump's Coordinator of Arab Relations Discusses Plan to Win Arab Voters and Achieve Peace
World News
2024-07-21
Full Transcript: Trump's Coordinator of Arab Relations Discusses Plan to Win Arab Voters and Achieve Peace
0
Lebanon News
2024-07-18
Two dead in Israeli airstrike on Jmeijmeh, south Lebanon (Video)
Lebanon News
2024-07-18
Two dead in Israeli airstrike on Jmeijmeh, south Lebanon (Video)
0
Lebanon News
2024-07-11
Hezbollah's Ibrahim Moussawi to CNN: Regional powers do not seek full-scale conflict
Lebanon News
2024-07-11
Hezbollah's Ibrahim Moussawi to CNN: Regional powers do not seek full-scale conflict
0
Lebanon News
2024-07-09
Hezbollah’s "Hudhud" shows new footage of Israeli sites
Lebanon News
2024-07-09
Hezbollah’s "Hudhud" shows new footage of Israeli sites
0
Lebanon News
2024-06-18
Hezbollah scouts areas in northern Israel: What the hoopoe came back with (Video)
Lebanon News
2024-06-18
Hezbollah scouts areas in northern Israel: What the hoopoe came back with (Video)
Most read
d-none hideMe
24 hours
7 days
Month
1
Lebanon News
06:19
Family of five dies in tragic car accident on Cedar-Bcharre road
Lebanon News
06:19
Family of five dies in tragic car accident on Cedar-Bcharre road
2
Lebanon News
09:32
Israeli drone strikes car on main road between Tyre and Tayr Debba, South Lebanon
Lebanon News
09:32
Israeli drone strikes car on main road between Tyre and Tayr Debba, South Lebanon
3
Lebanon News
01:32
Rocket attacks from Lebanon on Israel triple over past month
Lebanon News
01:32
Rocket attacks from Lebanon on Israel triple over past month
4
Lebanon News
07:14
Hezbollah announces martyrdom of three, including two from Toura and one from Tayr Harfa
Lebanon News
07:14
Hezbollah announces martyrdom of three, including two from Toura and one from Tayr Harfa
5
Lebanon News
05:33
Three dead, including two cousins, in Israeli strike on Tayr Harfa
Lebanon News
05:33
Three dead, including two cousins, in Israeli strike on Tayr Harfa
6
News Bulletin Reports
12:48
Tragic road accident in Bcharre: A family of five perishes on unsafe route
News Bulletin Reports
12:48
Tragic road accident in Bcharre: A family of five perishes on unsafe route
7
Lebanon News
07:03
Israeli strike on Ayta Al-Jabal in South Lebanon kills two, including a 7-year-old child: Health Ministry
Lebanon News
07:03
Israeli strike on Ayta Al-Jabal in South Lebanon kills two, including a 7-year-old child: Health Ministry
8
Lebanon News
06:46
MEA flights from 25 to 31 August 2024 remain as scheduled, with some modifications
Lebanon News
06:46
MEA flights from 25 to 31 August 2024 remain as scheduled, with some modifications
Download now the LBCI mobile app
To see the latest news, the latest daily programs in Lebanon and the world
Google Play
App Store
We use
cookies
We use
cookies
to make
your experience on this
website better.
Accept
Learn More