Machnouk said the Beirut conference was evidence of the capital’s revival.(The Daily Star/Mohammad Azakir)
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The head of the World Union of Arab Banks Thursday urged international financial organizations not to adopt new legislation that would further compromise banking secrecy in Lebanon.Lebanon's banking sector is renowned for its 1965 banking secrecy law, which restricts banks from revealing client names or account information.The pressure on Lebanon's banking sector is clear.The union head pointed out that the Financial Action Task Force has a MENA division with compliance officers that ensure banks abide by international laws regulating the financial sector.
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