Mobile  |  About us  |  Photos  |  Videos  |  Subscriptions  |  RSS Feeds  |  Today's Paper  |  Classifieds  |  Contact Us
The Daily Star
SUNDAY, 20 APR 2014
01:40 PM Beirut time
22 °C
Blom Index
Follow this story Print RSS Feed ePaper share this
Lebanese banks tout compliance with money-laundering laws
Head of Bank Association Joseph Torbey, center right, receives U.S. ambassador to Lebanon Maura Connelly in Beirut, Monday, May 13, 2013. (The Daily Star/Hasan Shaaban)
Head of Bank Association Joseph Torbey, center right, receives U.S. ambassador to Lebanon Maura Connelly in Beirut, Monday, May 13, 2013. (The Daily Star/Hasan Shaaban)
A+ A-

BEIRUT: United States Ambassador to Lebanon Maura Connelly paid a visit Monday to the headquarters of the Association of Banks in Lebanon where she was briefed by her hosts about the measures adopted by Lebanese banks to combat money laundering.

The president of ABL, Joseph Torbey, told Connelly that Lebanese banks were prudently and carefully abiding by all the rules and laws to fight money laundering and have taken appropriate measures to tighten banking supervision.

“Our meeting takes place today in circumstances of great tension in our region, where ‘Arab Countries in Transition,’ as the IMF calls them, are witnessing significant changes on all levels: political, social, economic and humanitarian. In the neighboring country, Syria, the fiery situation, as you well know, enters every day a more complicated phase,” Torbey said.

He added Lebanon was under pressure politically and economically.

“By the same token, our banking sector operates in a challenging environment that requires from us a high degree of professionalism. We are facing these challenges with great insight, wisdom and a strong will to go forward in these times of uncertainty,” Torbey explained.

“In all circumstances, our Lebanese banking sector has successfully demonstrated resilience to crisis which has earned us the trust of the international community as being a healthy and safe banking sector.”

He indicated that the ABL delegation recently held successful talks in Washington and New York with U.S. officials who were briefed about the measures Lebanese banks have adopted to ensure that no money laundering takes place.

Last month U.S. authorities designated two Lebanese exchange firms, Kassem Rmeiti & Co. For Exchange and Halawi Exchange Co., as money laundering concerns, while the Lebanese Canadian Bank was blacklisted and subsequently dismantled two years ago.

A version of this article appeared in the print edition of The Daily Star on May 14, 2013, on page 5.
Home Lebanon
ABL / Lebanon / Banking & Finance

Your feedback is important to us!

We invite all our readers to share with us their views and comments about this article.

Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.

comments powered by Disqus

Baabda 2014
Follow us on Facebook Follow us on Twitter Follow us on Linked In Follow us on Google+ Subscribe to our Live Feed
Pictures of the day
A selection of images from around the world- Saturday April 19, 2014
View all view all
Rami G. Khouri
Rami G. Khouri
Why Israeli-Palestinian talks fail
Michael Young
Michael Young
Why confuse gibberish with knowledge?
David Ignatius
David Ignatius
Echoes of 1914 characterize the Ukraine crisis
View all view all
Click to View Articles
Privacy Policy | Anti-Spamming Policy | Disclaimer | Copyright Notice
© 2014 The Daily Star - All Rights Reserved - Designed and Developed By IDS