Lebanon’s Central Bank Strives to Avoid Financial Grey List Amid Crisis

Lebanon’s acting central bank governor, Wissam Mansouri, stated efforts are ongoing to prevent the country from being placed on the Financial Action Task Force’s (FATF) grey list. Such inclusion could further damage Lebanon’s financial system, already struggling since 2019. The FATF decision is expected in October 2023.

Lebanon's acting central bank governor announced on Thursday that efforts are being made to keep the country off the Financial Action Task Force's (FATF) grey list, which flags nations under special scrutiny for financial crimes.

In May 2023, Lebanon reportedly received a preliminary evaluation indicating potential grey-listing, citing gaps in anti-money laundering measures and other areas. The country was given a year to address these issues before the final decision, which will be revealed in October.

Wissam Mansouri, speaking at the Union of Arab Banks meeting, emphasized the need for Lebanon to improve its financial crime measures. The FATF listing could harm the nation's already fragile economy by disrupting capital flows and damaging its international standing.

(With inputs from agencies.)