View of Zaituna Bay in the Ain al-Mreisseh neighborhood of Beirut, July 7, 2025. (Credit: Mohammad Yassin/L'Orient-Le Jour)
Following Lebanon's inclusion on the European Union’s list of high-risk jurisdictions for money laundering and terrorist financing on July 9, stricter measures against the country will come into effect starting Aug. 5.Under this framework, EU entities subject to anti-money laundering regulations will be required to exercise increased vigilance in transactions involving countries on the so-called "blacklist."As a result, banks will be required to apply enhanced scrutiny to business relationships and transactions involving high-risk third countries such as Lebanon. This includes conducting additional checks and implementing stricter control measures.For instance, institutions must gather more detailed information about the customer and the beneficial owner, the nature of the business relationship, the origin of their funds and wealth, and...
Following Lebanon's inclusion on the European Union’s list of high-risk jurisdictions for money laundering and terrorist financing on July 9, stricter measures against the country will come into effect starting Aug. 5.Under this framework, EU entities subject to anti-money laundering regulations will be required to exercise increased vigilance in transactions involving countries on the so-called "blacklist."As a result, banks will be required to apply enhanced scrutiny to business relationships and transactions involving high-risk third countries such as Lebanon. This includes conducting additional checks and implementing stricter control measures.For instance, institutions must gather more detailed information about the customer and the beneficial owner, the nature of the business relationship, the origin of their funds and wealth,...
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