Lebanon's Central Bank headquarters in Beirut. (The Daily Star/Mohammad Azakir)
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The Central Bank has banned the issuance and use of prepaid cards in Lebanon in a move to tighten anti-money laundering and terrorism-funding measures. The decision was taken by the Central Bank Council on March 23 and said these types of cards can be used in money laundering and terrorism funding operations. According to the Central Bank, the number of prepaid cards represents 21.1 percent of the total debit and credit cards in Lebanon. But most of these prepaid cards carry the name of the user as well as the name of the bank which issued this card. But not all banks were aware of the circular issued by the Central Bank. The official from the Central Bank stressed that the recent terrorist attack in Paris in November was partly financed by prepaid cards.
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