The General Assembly of the Association of Banks in Lebanon held virtually a banking meeting with Brian Nelson, the Under Secretary for Terrorism and Financial Intelligence at the US treasury.

Nelson highlighted the longstanding relationship with ABL and its engagement in countering corruption and anti-money laundry and combating the financing of Terrorism (AML/CFT).

Nelson confirmed the US government and the US Treasury’s commitment to supporting Lebanese people while confronting Hezbollah and its ability to exploit the Lebanese and international financial system as much as corruption, by holding accountable those who circumvent the rule of law and weaken Lebanese institutions for profits while the country suffers.

Nelson invited Lebanese banks and governmental institutions to be part of the change by addressing corruption and inhibiting Hezbollah’s access to the Lebanese financial system.

Further, Nelson encouraged the Lebanese banks to take stronger measures to protect the Lebanese financial system from corruption by applying firm due diligence to identifying Lebanese politically exposed persons or “PEPs” and determining their source of funds, while reminding that banks that fail to conduct adequate measures may risk sanctions.

The Association of Banks in Lebanon, from its part, confirms that it has and will always stand firm in combating money laundry and terrorist financing by applying AML international standards and is engaged in maintaining open doors to the international community in its fight against illicit finance.

ABL also reaffirmed that the Lebanese banking system is keen to preserve its reputation and trust of the US and international partners.

Communication & PR Department