In the frame of the periodic visits organized by the Association of Banks in Lebanon to the capitals of finance in Europe and the United States, and in order to strengthen Lebanese banks’ relations with their correspondents, as well as to implement good communication with foreign financial and monetary authorities, a delegation of ABL Board of Directors visited last week New York and Washington in the United States.

Dr. Joseph Torbey headed the delegation that includes the Vice President Saad Azhari, as well as Members of the Board: Dr. Tanal Sabbah, Messrs. Nadim Kassar, Mohammed Ali Beyhum, Chahdan Jebeily, Semaan Bassil, Maurice Iskandar and the Secretary General, Dr. Makram Sader.

The delegation attended the conference organized by the Federal Reserve Bank / New York. The conference was inaugurated by the Executive Vice President of the Federal Reserve Mr. Thomas Baxter and Dr. Joseph Torbey, President of the ABL and Chairman of the Executive Committee of the Union of Arab Banks. An obvious Lebanese banking presence of the Central Bank and the Banking Control Commission was observed in comparison with representatives of other Arab countries. The active and apparent participation of the Lebanese bankers reaffirmed the status of Lebanon and the vital role of its banks that pursue the deployment and consolidation of the international standards of the banking industry.  Similarly, a strong presence of representatives of major American banks and official authorities were reported.  The Lebanese delegation also held working sessions with global compliance directors of the US correspondent banks namely Bank of New York, Citibank, JPMorgan and Standard Chartered Bank.

It was confirmed during these meetings the correctness of the Lebanese banking model that gives off a positive balance between the commercial activity and the serious application of banking standards recognized worldwide. As for the American bankers, they welcomed the Lebanese delegation for their professional strong relations with the US correspondent banks and the ongoing success of their sustainability.

In that same context, the delegation visited Washington and held business meetings with high officials concerned with banking and finance affairs from the US Treasury and the State Department. Also, the delegation met with Mr. Ed Royce, president of the foreign committee in the US House, as well as prominent members of banking and financial services committee and the fight against terrorism committee, some of whom are of Lebanese descendant.

Throughout these meetings, US officials have unanimously reiterated their support for Lebanon and the strengthening of its model role in the region. They further stressed the importance of the Lebanese banking sector and the Lebanese army, both pillar of Lebanon’s stability, which is imperative to protect by all necessary means. US officials rehashed the leading role of the Lebanese banking sector towards its compliance with international banking laws including those of the fight against terrorism and money laundering. Addressing the official American authorities, the delegation, for its part, expressed two wishes which have also been welcomed by US official bodies: First, any measure taken in the area of money laundering has, a priori, to be subject to legal rules in  respect of the right of scrutiny, defense and integrity of the evidences. Second, to carefully consider any measure likely to leave a negative impact on the stability of the country and its banking sector in line with the official US position determined to maintain stability in Lebanon and the success of its banking sector.

Moreover, ABL President, Vice President and Secretary General met the chargé d’affaires at the Lebanese Embassy in Washington. They outlined the progress of the various visits of the delegation. The chargé d'affaires put them aware of the prevailing mood in Washington.

The delegation presented the 4 key financial legislations that were approved in November 2015 by the Lebanese Parliament. These laws reflect the commitment of the Lebanese State and the Lebanese banks to the global financial and banking standards, especially in compliance with US law, giving that the transactions of the Lebanese banking sector and external trade of Lebanon and the Lebanese diaspora transfers to Lebanon are mostly denominated in US dollars, through the correspondent banks in New York.

This periodical visit, as the previous ones, has strengthened the position of Lebanon in the global banking system at the levels of the banking sector and Central Bank despite all the regional and international challenges surrounding Lebanon. This visit was an opportunity for US Congress officials and correspondent banks executives to reiterate their confidence and determination on the position of Lebanon and the soundness of its banking activities.

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