The headquarters of the Association of Banks in Lebanon. (Credit: NNA archive photo)
In his introduction to the latest ABL monthly bulletin, Secretary-General Fadi Khalaf, reviewed Lebanon's inclusion in the Financial Action Task Force's (FATF) "grey list," on Oct. 25. Nonetheless, he downplayed its direct impact on the Lebanese banking sector.Eight years after being removed from the Financial Action Task Force (FATF) “grey list” — an organization that leads global action to tackle money laundering, terrorist and proliferation financing — Lebanon finds itself back on the list and under “increased monitoring.” Read more Lebanon back on the FATF 'gray list' This could potentially push foreign correspondent banks to sever ties with Lebanon’s banking sector to reduce the risks and costs associated with tighter verification procedures. However, Khalaf sought to minimize the impact of this decision, "Despite this...
In his introduction to the latest ABL monthly bulletin, Secretary-General Fadi Khalaf, reviewed Lebanon's inclusion in the Financial Action Task Force's (FATF) "grey list," on Oct. 25. Nonetheless, he downplayed its direct impact on the Lebanese banking sector.Eight years after being removed from the Financial Action Task Force (FATF) “grey list” — an organization that leads global action to tackle money laundering, terrorist and proliferation financing — Lebanon finds itself back on the list and under “increased monitoring.” Read more Lebanon back on the FATF 'gray list' This could potentially push foreign correspondent banks to sever ties with Lebanon’s banking sector to reduce the risks and costs associated with tighter verification procedures. However, Khalaf sought to minimize the impact of this decision, "Despite...