The neighborhood housing the Grand Serail in downtown Beirut, April 28, 2024. (Credit: Mohammad Yassine/OLJ)
The World Bank, in its latest report on Lebanon published on Dec. 10, emphasized the "urgent need" to strengthen oversight and compliance in high-risk non-financial sectors for the country to exit the Financial Action Task Force (FATF) ‘grey list.’Failure to do so could result in the international body, which sets global standards for combating money laundering and terrorism financing, placing Lebanon on its ‘black list’ of non-cooperative countries — an outcome that would carry severe consequences.On Oct. 25, the Financial Action Task Force (FATF) placed Lebanon under enhanced monitoring, with the country pledging to swiftly address the identified strategic deficiencies within the agreed timeline. Like the 23 other countries on this list, Lebanon was initially expected to comply by 2025. Read more FATF 'grey list': No direct threat to...
The World Bank, in its latest report on Lebanon published on Dec. 10, emphasized the "urgent need" to strengthen oversight and compliance in high-risk non-financial sectors for the country to exit the Financial Action Task Force (FATF) ‘grey list.’Failure to do so could result in the international body, which sets global standards for combating money laundering and terrorism financing, placing Lebanon on its ‘black list’ of non-cooperative countries — an outcome that would carry severe consequences.On Oct. 25, the Financial Action Task Force (FATF) placed Lebanon under enhanced monitoring, with the country pledging to swiftly address the identified strategic deficiencies within the agreed timeline. Like the 23 other countries on this list, Lebanon was initially expected to comply by 2025. Read more FATF 'grey list': No direct...