In response to the front page article of Al Akhbar’s issue of 2 April 2015 on “the financing of Daech”, the Association of Banks in Lebanon wishes to confirm the following:

The information in the article attributed to banking sources having participated in the meeting held between Mr. Daniel Glazer, Assistant Secretary for the Department of Treasury of the United States, and the members of the Board of Directors of the Association of Banks in Lebanon to discuss the status of the Lebanese banks, is completely inaccurate and does not reflect the contents of the discussions during that meeting, especially  as it relates to the allegations in the article regarding Bank Audi’s subsidiary in Turkey. The matter is all the more delicate as it affects the Lebanese banking sector, which is vital to the Lebanese economy.

Lebanese banks, including Bank Audi, have implemented successful expansion plans outside Lebanon to accompany the development of the Lebanese abroad and maintain and strengthen their contacts with Lebanon. This has earned the appreciation of the Lebanese people, both residents and expatriates, as well as the respect of regional and international monetary authorities. 

Lebanese banks, in Lebanon and abroad, have applied and will continue to apply, the highest standards of banking ethics and practice and comply with all applicable domestic and international regulations.

Combating money laundering and financing of terrorism is a priority for the Lebanese banking sector in Lebanon and abroad. This is reflected through the continuing work, policies and measures adopted by Lebanese banks in order to implement evolving international requirements in these areas, and to protect these institutions from reputational, operational and legal risks.