The facade of the Banque du Liban in Hamra. (Credit: F.G./L'Orient-Le Jour)
In its main Circular No. 170 dated July 14, Banque du Liban (BDL, central bank) barred banks, financial institutions, brokerage firms, collective investment funds and any entity under its supervision from dealing, directly or indirectly, with unlicensed companies.These are “precautionary measures to protect the financial and economic sector in Lebanon,” particularly concerning “entities sanctioned by foreign authorities,” the text read. They aim to reinforce existing procedures after the Financial Action Task Force (FATF) placed Lebanon on its “gray list” on October 25, 2024, due to shortcomings or deficiencies in some of these procedures. More on BDL's efforts BDL appoints K2 Integrity to help it exit FATF's gray list BDL now prohibits the institutions it regulates from dealing with al-Qard al-Hassan (an association managed by...
In its main Circular No. 170 dated July 14, Banque du Liban (BDL, central bank) barred banks, financial institutions, brokerage firms, collective investment funds and any entity under its supervision from dealing, directly or indirectly, with unlicensed companies.These are “precautionary measures to protect the financial and economic sector in Lebanon,” particularly concerning “entities sanctioned by foreign authorities,” the text read. They aim to reinforce existing procedures after the Financial Action Task Force (FATF) placed Lebanon on its “gray list” on October 25, 2024, due to shortcomings or deficiencies in some of these procedures. More on BDL's efforts BDL appoints K2 Integrity to help it exit FATF's gray list BDL now prohibits the institutions it regulates from dealing with al-Qard al-Hassan (an association...
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