Wassim Mansouri: We are working hard to keep Lebanon off FATF grey list

Wassim Mansouri, acting governor of Banque du Liban (BDL), announced that the Financial Action Task Force (FATF) will decide on Lebanon's financial compliance in the fall. 

Mansouri said the country is working to avoid being placed on the FATF grey list.

"A recent assessment report by a regional group indicated that Lebanon must implement significant improvements to meet FATF recommendations," he said.

"Lebanon has received a "partially compliant" rating, which necessitates changes to existing laws and measures to meet international standards for combating money laundering and terrorist financing," Mansouri stated.

Furthermore, he said, "The country has achieved "satisfactory" but incomplete scores in technical compliance, with "compliant" or "largely compliant" ratings in 34 out of 40 recommendations from international regulatory bodies."

At the opening of the annual forum 'Anti-Money Laundering & Counter Terrorism Financing,' Mansouri said Lebanon's effectiveness in these areas received a "low" rating. 

This rating highlights inadequate laws and procedures for prosecuting and confiscating criminal proceeds and related assets. 

Mansouri added that the legal framework and judicial decisions on money laundering must be more consistent with the risks, including the need for proportional and deterrent penalties. Despite this, Lebanon has achieved "moderate" ratings in 9 of 11 recommendations requiring full compliance.

Mansouri stressed the need for a collaborative action plan involving all relevant local entities, with support from legislative authorities and policymakers, to address gaps and enhance the effectiveness of Lebanon's anti-money laundering and counter-terrorism financing system.

He noted that a comprehensive government approach is necessary to implement corrective measures.

BDL, under its authority from the Monetary and Credit law, is working to stabilize the financial system while awaiting major solutions that require bold decisions from political leaders to address the depth of the country's crisis.