As usual and in the frame of the annual meetings of the International Monetary Fund (IMF) and the World Bank (WB), a senior bank delegation of 30 bankers participated in these meetings that were held in Washington-DC, from October 1st till October 5th, 2016.
The Lebanese Embassy in the US capital hosted a dinner in honor of the Governor of the Central Bank of Lebanon and the delegations of the Lebanese bankers, the ministry of finance, the Council for Development and Reconstruction (CDR) in the presence of some senior American officials involved with Lebanese affairs from the US Department of Treasury, the State Department and the National Security Council.
The Association of Banks in Lebanon, in cooperation with “the Financial Times” group organized also a reception where impressive number of representatives of correspondent banks that deal with the Lebanese ones around the world attended the event.
On the occasion of the annual meetings, a delegation of ABL Board of Directors held business meetings in Washington with some of the senior officials involved with banking and financial affairs from the US Treasury Department and the State Department as well as prominent members of the banking commission and financial services in the US Congress and Senate. All US officials assured during these meetings their support for strengthening Lebanon in its role as a model in the region, and the importance of maintaining the stability of Lebanon, which in their opinion is based on two pillars: the banking sector and the Lebanese army. They also reiterated the major role of the banking sector for the respect of global banking rules and standards, and in particular, those relating to combating money laundering and terrorist financing.
The delegation also held business meetings in New York with the executives and the directors of compliance of the main American correspondent banks to Lebanese ones, namely Standard Chartered Bank, Bank of New York, Citibank and JPMorgan. The delegation had also a meeting at the Reserve Federal Bank of New York.
The discussions focused during these meetings on the mechanism of work of the Lebanese banks with regards to adherence to rules and standards adopted by the same US banks, especially in the fields of combating money laundering and terrorist financing. US Bankers and officials expressed their satisfaction as per Lebanese banks transparency and the quick response to their requested clarifications. Many of US major banks are directed at reducing correspondent relationships (De-Risking ) with some countries and banks in the world. The American bankers praised the professionalism of Lebanese banks and the mutual correspondent relations and stressed on the continuity and the strength of these relations and their success.
Finally, the ABL delegation visit to the USA contributed at expressing the seriousness of the Lebanon, institutions and government, to commit to global standards, especially American ones, within the limits of responsibility: banks through the transparent practice in the application of rules and standards, and the Banque du Liban (Central Bank of Lebanon) through related issued circulars, and the State of Lebanon through the approved four fiscal laws. That visit contributed also at enhancing Lebanon’s position in the global banking system despite all the regional challenges that surround us. It was also an occasion for US officials, the Fed administration in New York and the correspondent banks to confirm and reassure the position of Lebanon, its stability and the safety of its banking industry.