BDL's Wassim Mansouri's US visit: Will he shield Lebanon from the FATF 'grey list'?

Report by Bassam Bou Zeid, English adaptation by Karine Keuchkerian

Following his visit to the US, sources monitoring the discussions of acting Banque du Liban (BDL) governor Wassim Mansouri in Washington confirmed that in the context of his efforts to avoid placing Lebanon on the Financial Action Task Force (FATF) "grey list," he will present to the US Departments of State and Treasury the measures taken by BDL and the banking sector to prevent Lebanon from being listed. 
These measures include verifying and confirming the sources of funds entering the Lebanese banking sector.

This matter will also be a subject in his upcoming discussions with the International Monetary Fund (IMF), the World Bank, and some members of the US Congress.

Additionally, a very important meeting will be held for the first time in years with officials from the Financial Crimes Enforcement Network, which is akin to a special investigative body in the United States.

Sources indicated that Mansouri's primary concern is to ensure that correspondent banks do not cease their dealings with Lebanese banks if Lebanon is placed on the "grey list." 

Therefore, he will emphasize that the Central Bank of Lebanon and the banks have taken the necessary measures to avoid this issue, and that "the ball is not in their court" but in the court of the Lebanese state, which has not taken sufficient and decisive steps to combat corruption and money laundering.

The sources expressed their belief that Mansouri will be able to maintain correspondent banking relationships with Lebanon even if the country was placed on the "grey list." 

They hoped that the Lebanese state would take subsequent steps to remove Lebanon from this list, as happened with some countries, rather than leaving matters as they are today, which could threaten Lebanon with the "black list."

Sources stressed that the government and parliament must pass laws and procedures that limit the cash economy, prevent smuggling, reduce banking secrecy measures, restore order to the financial system, including restructuring banks, implementing reforms that allow for an agreement with the IMF, and combating corruption.