The headquarters of the Association of Banks in Lebanon. (Credit: Magaly Abboud)
BEIRUT – The General Assembly of the Association of Banks in Lebanon held a virtual meeting yesterday with the US Treasury Department’s new Under Secretary for Terrorism and Financial Intelligence Brian Nelson yesterday.
Here’s what we know:
• Nelson “highlighted the longstanding relationship with ABL and its engagement in countering corruption and anti-money laundering and combatting the financing of terrorism,” according to a statement issued last night by ABL. The US Treasury Department has not issued a statement.
• Nelson also affirmed the US government’s commitment to “supporting Lebanese people while confronting Hezbollah and its ability to exploit the Lebanese and international financial system as much as corruption,” according to the ABL statement.
• Nelson reportedly encouraged Lebanon’s banks to improve due diligence practices like identifying politically exposed persons and determining their source of funding, noting that banks that do not take adequate measures may risk US sanctions.
• The meeting was one of Brian Nelson’s first in the role. He was sworn in on Wednesday.
• ABL said the Lebanese banking system “is keen to preserve its reputation and [the] trust of the US and international partners.”