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Central Bank Lifts Secrecy on 18 Cases Suspected of Money Laundering

Lebanon's Financial Intelligence Unit, the Special Investigation Commission (SIC) issued its annual report, detailing its activities against money laundering in Lebanon during the year 2011.

 

Established by the Lebanese Central Bank, the Commission investigates suspected money-laundering operations and monitor compliance with the rules and procedures of the anti- money laundering (Law 318) passed on April, 20, 2001, by the Lebanese parliament.

The Commission has the exclusive right to lift banking secrecy for use by competent judicial authorities and the Higher Banking Commission.

 

According to the report,  the SIC received 335 suspected cases in 2011, of which 235 cases, or 70 percent, were local cases and 100 cases, or 30 percent, were referred from abroad.

 

The SIC referred to judicial authorities 157 suspected cases, while 50 cases were kept pending and the remaining 128 cases, did not fall within the framework of anti-money laundering law.

 

Authorities lifted the banking secrecy on 18 cases, of which five cases were referred from aborad and 13 cases from domestic sources.

 

In 2010, the SIC investigated a total of 189 out of 245 reported cases.

 

photo: images of money's photostream

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