(The Daily Star/Dalati Nohra, HO)
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Head of the Association of Banks in Lebanon Joseph Torbey said Wednesday that banks are fully complying with all procedures and laws as part of efforts to combat money laundering and terrorism financing.Lebanese and Arab banks have been updating their procedures and guidelines in a concerted effort to crackdown on money laundering and terrorism funding. Machnouk added that the Lebanese banking sector remained solid and robust even in difficult times and during severe financial crisis in the world.Machnouk said that the Lebanese banking sector is still the backbone of the economy.
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