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Lebanon lifted banking secrecy in 42 cases of suspected involvement in money laundering, embezzlement and terrorist funding, according to the Central Bank's financial watchdog, the Special Investigation Commission said in its 2016 report. According to the report, the SIC received 470 cases and investigated 399 of them. Out of the cases received by the SIC, 363 came from Lebanese sources while the remaining 107 came from abroad.Lebanese banks are obliged to examine all suspicious accounts and report them to the Central Bank and the SIC.The SIC said out of the cases examined, 163 involved embezzlement of private funds, 63 forgery, 23 terrorism or terrorism funding and 11 fraud. The report gave examples of the cases that were cracked by the financial authorities in Lebanon.After a thorough investigation, the SIC lifted banking secrecy and froze the account balances of the suspect at all banks and financial institutions and also froze transactions at money-remittance companies.
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