The Business and Financial Forum at Phoenicia. (The Daily Star/Khalil Hassan)
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Political reforms and a new fair election law are among the most effective ways to fight corruption in Lebanon, Finance Minister Ali Hasan Khalil said Wednesday.Dubbed "Fighting corruption: between theory and practice," the forum is aimed at discussing ways of fighting corruption in Lebanon in addition to highlighting challenges facing the different development sectors in the country.Khalil expressed his optimism about Lebanon's ability to fight corruption by adhering to laws regardless of people's personal interests and religious priorities.Other speakers, such as Central Bank Governor Riad Salameh, also highlighted the importance of combatting corruption by ensuring transparency in Lebanon's banking sector.Joseph Torbey, chairman of the World Union of Arab Bankers, expressed his displeasure with Lebanon's ranking in Transparency International's Corruption Perceptions Index.According to Transparency International's Corruption Perceptions Index for 2014, Lebanon ranked 136th out of 175 countries on the list.Fadi Saab, chairman of the Lebanese Society for Quality, said that the annual the cost of corruption in Lebanon amounted to $6 billion, which is equivalent to 12 percent of GDP.
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