In the wake of the recent parliamentary session and the bloody and tragic events witnessed in the last two days in Borj Al Brajneh and Paris, the Association of Banks in Lebanon is keen to state the following:

1-The Association strongly condemns acts of terrorism in all its forms and manifestations, and believes that the extension of this wave of our times on a large global scale require, henceforth, further cooperation and coordination in the strategies and  mechanisms for combatting terrorism, to confront this phenomenon of cruel deepening savagery that threatened humanity and contemporary societies. The Association of Banks in Lebanon expresses its deepest condolences to the French Authorities and the families of the victims in both Lebanon and France, and wishes speedy recovery to the injured and shares the suffering of all.

2- The Association shows great satisfaction with the political consensus held around the last legislative session that brought forth the adoption of four draft financial laws: the exchange of tax information, the declaration of transfer of funds across borders, the UN convention on draining sources of financing terrorism, the amendment of the anti-money laundering. The Association considers that the adoption of that legislation provides a legal solid framework for Lebanon with its cooperation with the international community to combat terrorism and financial crimes, and sends a clear and serious message of Lebanon’s commitment in the related financial and banking fields. 

3- These new legislation promote the Lebanese banking sector while dealing with the global markets and correspondent banks that permit our banks to continue providing best services to the Lebanese citizen, residents and non-residents, and  its active and vital role in serving the national economy and in maintaining Lebanon’s financial reputation in the regional and international levels. 

4- The Association expresses its satisfaction that the financial and banking files have formed a subject of consensus and convergence between the groups of politicians, and have prevented the paralysis of the constitutional institutions, hoping it will be a prelude to re-energize and activate the work of both legislative and executive authorities, starting at earliest, with the election of the President of the Republic.    

5- The Association praises the efforts made by the Banque du Liban (BDL), in particular, HE the Governor, at the level of active communication with the official authorities and concerned leaderships to demonstrate the importance and necessity of the adoption of these laws, and shows appreciation to both Presidents of the Parliament and Council, the minister of finance, and also to the various political leaders and parliamentary groups that have become aware of the findings and responded to the efforts deployed by the Association and the monetary Authorities in this regard.