Lebanese Exchange Syndicate's Quest for Transparency in Bloomberg Adoption

The Exchange Syndicate has heard about the adoption of the Bloomberg platform through the media and is interested in knowing the details of the agreement and its implications. 

The Syndicate's council has requested a meeting with Acting Central Bank Governor Wissam Mansouri. It is awaiting the scheduling of this meeting to understand the specifics of this platform and other shared issues.

The initial agreement with Bloomberg requires exchange dealers to have a dedicated department responsible for verifying the sources of funds as part of the efforts to combat money laundering and avoid suspicious funds.

In principle, there are 304 legitimate exchange dealers in Lebanon, with only 200 of them being members of the Syndicate.

Out of these 200, 44 are exchange dealers in the first category, meaning they are large offices that engage in foreign exchange and transfers between Lebanon and abroad. These are legally required to have anti-money laundering offices.

Exchange dealers in the second category, which are smaller offices numbering 260, cannot use the platform unless they form groups and collaborate with an anti-money laundering office approved by the Banking Control Commission.

The Syndicate's president, Majd Al-Masri, emphasized to LBCI the strong commitment of licensed exchange dealers to cooperate with the memos of the Central Bank of Lebanon and weaken the role of illegal exchange dealers, as they have tarnished the reputation of the profession and contributed to the economic collapse.

He expressed readiness to work with the Bloomberg platform once they understand the nature of the cooperation, as the situation still needs to be clarified for them.

Al-Masri also revealed that the Syndicate is in contact with relevant Lebanese authorities, including administrative, financial, and security bodies, to regulate the exchange market and pursue illegal actors, as legitimate exchange dealers and citizens are affected.