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Lebanon makes progress in financial reforms despite FATF 'grey list' designation, says PM Mikati

25-10-2024 | 13:54

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Lebanon makes progress in financial reforms despite FATF 'grey list' designation, says PM Mikati

In a statement, caretaker Prime Minister Najib Mikati noted that the inclusion of Lebanon on the Financial Action Task Force (FATF) "grey list" was an expected step, "given the known circumstances that hindered the approval of necessary financial legislation and reforms."

Nevertheless, he indicated that Lebanon has made progress on many of the recommended measures in the mutual evaluation report and has implemented actions in its financial sector by issuing the required directives for banks and financial institutions, which means that Lebanon's relationships with correspondent banks will not be affected by this classification.

He added, "Lebanon will continue to cooperate with the FATF," noting that this action "has previously been applied to many prominent Arab and foreign countries and will be monitored according to the available systems and procedures for its removal."

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