Acting Governor of the Lebanese Central Bank and head of the Special Investigation Commission, Dr. Wassim Mansouri, on Thursday inaugurated the “Annual Forum on Combating Money Laundering and Terrorism Financing: The Impact of a Cash Economy on the Banking System” at the Phoenicia Hotel in Beirut.

The event witnessed the participation of ministers, MPs, diplomats, and key figures from Lebanese, Arab, and international banking sectors.

In his keynote speech, Mansouri praised the efforts of the Union of Arab Banks in organizing the forum amid Lebanon’s ongoing challenges.

He highlighted Lebanon’s progress in combatting money laundering and terrorism financing, referencing Lebanon’s removal from the Financial Action Task Force (FATF) list of non-cooperative countries in 2002.

Mansouri stressed that the rise of a cash-based economy, driven by the national currency’s collapse and economic instability, poses significant risks to Lebanon’s financial system.

Moreover, Mansouri discussed recent Central Bank meas
ures, such as Circular 165, aimed at curbing the use of cash and boosting electronic transactions to prevent illicit financial activities. He also underscored the need for reforms, accountability, and restructuring to rebuild trust in Lebanon’s banking sector, calling for comprehensive cooperation between all stakeholders to safeguard the country’s financial integrity.

Source: National news agency – Lebanon