ABL says Lebanon’s banking secrecy does not contravene the U.N.’s anti-terror financing convention. (The Daily Star/Grace Kassab)
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The Association of Banks in Lebanon called on Parliament to ratify three draft laws to combat money laundering that the Cabinet already approved three years ago.It also called for approving Lebanon's adherence to the United Nations' 1999 International Convention for the Suppression of the Financing of Terrorism.ABL said the first draft law allows the introduction of amendments to anti-money laundering Law 318, the second draft law regulates the transfer of funds across borders and the third one is about the exchange of tax information, as reported by Lebanon This Week, the economic publication of the Byblos Bank Group.It added that 171 states, including 15 Arab countries, have already joined the U.N.'s 1999 International Convention for the Suppression of the Financing of Terrorism.
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