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Lebanon removed banking secrecy on 48 cases in 2017 involving money laundering, terrorism funding and financial embezzlement, according to the Special Investigation Commission. The SIC's comprehensive report, which is released on an annual basis, sheds light on the measures adopted by the financial authorities in Lebanon to crack down on illicit financial activity.The SIC said it received 597 cases from local and foreign sources in 2017, an increase of 27 percent compared to 2016 . Of these, the authorities lifted banking secrecy on 48 accounts and kept 83 cases pending. The report gave examples of cases that were cracked by the authorities.In light of the complaint, the SIC started investigating the suspects who deposited money in some banks.
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