Mansour, left, Torbey and Baasiri participate in the anti-money laundering conference at the Movenpick Hotel in Beirut.
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Leading bankers warned Tuesday that the flow of deposits to Lebanon will be gravely affected if the parliament fails to pass crucial bills on anti-money laundering and terrorism financing by the end of this year.Lebanon still has to make some amendments to the current anti-money laundering and terrorism funding regulations to be in full compliance with international standards.Torbey added that this procedure does not aim to collect taxes because money that is generated by Lebanese outside their country is not subject to taxes.However, he added, among the newly required amendments is tax exchange information agreement for money generated inside Lebanon. Torbey said that law 318/2001 related to fighting terrorism should be amended to include crimes that are newly listed internationally.Moreover, he said that Parliament must approve the 1999 U.N. treaty designed to criminalize acts of financing terrorism.
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