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Lebanese lenders vow tighter measures against money laundering

The Association of Banks in Lebanon has assured US ambassador to Lebanon David Hale that lenders in the country are strengthening measures to combat all forms of money laundering, terrorist funding and tax evasion, The Daily Star has reported. "We are preparing, in collaboration with our international audit firm, a manual on AML and FATCA policies and procedures," president of the association, Francois Bassil, told the ambassador. "It will be available very soon to all operating banks in Lebanon," he said, adding that this would allow for "a standardised and harmonised implementation of the new US regulations."