Lebanon added to money laundering ‘grey list’
Al Jazeera
Global watchdog adds Lebanon to its list of nations subject to increased monitoring of financial transactions.
A global anti-money laundering watchdog has added Lebanon to its “grey list” of nations that are subject to increased monitoring of financial transactions.
The Paris-based Financial Action Task Force (FATF) said on Friday that Lebanon had made progress on several recommended actions and would continue to implement reforms.
Lebanon has been in a financial crisis since 2019 that has been left to fester by the country’s leaders and now faces growing damage from Israeli air strikes and ground operations against the Lebanese armed group Hezbollah.
The grey-listing could potentially further deter investment in Lebanon and could affect the relationship between some Lebanese banks and the global financial system.
“Of course, we recognise the extremely grave situation that Lebanon is currently facing,” said Elisa de Anda Madrazo of Mexico, which currently holds the organisation’s rotating presidency.
