The Grand Serail in downtown Beirut, on April 28, 2024. (Credit: Illustrative photo by Mohammad Yassin/L'Orient Today)
The European Commission on Tuesday added Lebanon to its list of “high-risk jurisdictions presenting strategic deficiencies in their national anti-money laundering and countering the financing of terrorism (AML/CFT) regimes,” also known as the “blacklist,” according to a statement published by the institution.The statement also noted that European Union (EU) entities subject to the bloc's anti-money laundering framework “are required to apply enhanced vigilance in transactions involving these countries.” The move was described as a measure “important to protect the EU financial system.”A reminder without consequencesTax lawyer Karim Daher explained that in practice “this announcement will not have more negative effects on Lebanon than those already imposed by its inclusion on the ‘grey list’ of the Financial Action Task Force (FATF),...
The European Commission on Tuesday added Lebanon to its list of “high-risk jurisdictions presenting strategic deficiencies in their national anti-money laundering and countering the financing of terrorism (AML/CFT) regimes,” also known as the “blacklist,” according to a statement published by the institution.The statement also noted that European Union (EU) entities subject to the bloc's anti-money laundering framework “are required to apply enhanced vigilance in transactions involving these countries.” The move was described as a measure “important to protect the EU financial system.”A reminder without consequencesTax lawyer Karim Daher explained that in practice “this announcement will not have more negative effects on Lebanon than those already imposed by its inclusion on the ‘grey list’ of the Financial...