Compliance with international regulation on AML/CFT

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dc.contributor.author Shahin, Wassim
dc.date.accessioned 2016-05-05T09:55:57Z
dc.date.available 2016-05-05T09:55:57Z
dc.date.copyright 2013 en_US
dc.date.issued 2016-05-05
dc.identifier.issn 1368-5201 en_US
dc.identifier.uri http://hdl.handle.net/10725/3684 en_US
dc.description.abstract Purpose – The purpose of this paper is to highlight and analyze the experience of banks operating in Lebanon in their compliance with international regulation on anti‐money laundering and the counter‐financing of terrorism (AML/CFT). The paper addresses the compliance policies by presenting a case study of the experience of the Lebanese banking sector in achieving a global anti‐money laundering strategy. Design/methodology/approach – Lebanon has been achieving its AML/CFT procedures by following a combination of three approaches: abiding by the recommendations of the international body in charge of regulation namely the Financial Action Task Force on the laundering of money (FATF); cooperation among countries in the form of mutual agreements, assistance and treaties developed by various conventions; and personal unilateral initiatives. After presenting the sources of deposit growth in Lebanese banks and highlighting the uses of funds, the paper uses a chronological approach to analyze the compliance of banks, central bank and legislators with international regulations governing the financial and banking systems, and addresses the latest developments concerning the Lebanese banks' coordination and cooperation with international regulators and governments, especially on FATF recommendations and international sanctions. Findings – The paper presents evidence on the effective anti‐money laundering domestic initiatives and sheds light on the positive international regulatory assessment of these initiatives, as well as the favorable view of the Lebanese banking sector that has kept it outside the current FATF list of countries with AML/CFT deficiencies. Originality/value – The value of this paper is to present a case study for bankers and regulators on strategies to comply with AML/CFT. en_US
dc.language.iso en en_US
dc.title Compliance with international regulation on AML/CFT en_US
dc.type Article en_US
dc.description.version Published en_US
dc.title.subtitle The case of banks in Lebanon en_US
dc.author.school SOB en_US
dc.author.idnumber 199390050 en_US
dc.author.department Department of Economics (ECON) en_US
dc.description.embargo N/A en_US
dc.relation.journal Journal of Money Laundering Control en_US
dc.journal.volume 16 en_US
dc.journal.issue 2 en_US
dc.article.pages 109-118 en_US
dc.keywords Lebanon en_US
dc.keywords Banks en_US
dc.keywords International finance en_US
dc.keywords Money laundering en_US
dc.keywords Terrorism en_US
dc.keywords International banking regulation en_US
dc.keywords AML/CFT en_US
dc.keywords Compliance en_US
dc.keywords Lebanese banking system en_US
dc.keywords FATF recommendations en_US
dc.identifier.doi http://dx.doi.org/10.1108/13685201311318467 en_US
dc.identifier.ctation Shahin, W. (2013). Compliance with international regulation on AML/CFT: the case of banks in Lebanon. Journal of Money Laundering Control, 16(2), 109-118. en_US
dc.author.email wshahin@lau.edu.lb en_US
dc.identifier.tou http://libraries.lau.edu.lb/research/laur/terms-of-use/articles.php en_US
dc.identifier.url http://www.emeraldinsight.com/doi/full/10.1108/13685201311318467 en_US

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