Judge Aoun accuses Lebanon and Gulf Bank of money laundering

In a recent development, Lebanon and Gulf Bank has been added to the list of banks accused by Judge Ghada Aoun of money laundering.

This accusation comes in response to a directive issued by the Public Prosecutor of Cassation, Ghassan Oueidat, regarding handling public prosecutions with the amended banking secrecy law and the restriction of suspicion of concealing information.

This move has once again sparked anger from the Association of Banks, which has accused Judge Aoun of interpreting the law as she sees fit.

The Association has also warned of the dangers of continuing this destructive approach towards the banking sector.

Furthermore, it believes that changing the alleged criminal description from concealing information to accusing banks of money laundering will increase the risks associated with correspondent banks' relationships. 

The Association views this approach as deepening the crisis by persistently ruining the country's financial reputation.

Moreover, it considers it a violation of principles and laws and a judicial rebellion against the directives of the Public Prosecutor of Cassation.

The banking sector in Lebanon has been facing significant challenges in recent years, including economic meltdown and financial crises. Accusations of money laundering further exacerbate the difficulties faced by the banking industry, as it hampers trust and cooperation with correspondent banks.