The central bank of Lebanon is taking steps to tighten financial security precautions in a bid to stamp out terrorism funding and money laundering.
“Lebanon is fully committed to all international decisions and resolutions in terms of money laundering and terrorism funding. We won’t accept any account of individual or group which is linked to terrorism activity and all banks are abiding by these guidelines,” said Riad Salameh the head of the Bank of Lebanon.
Salameh also pointed out that the central bank is monitoring closely all cash transactions inside and outside the country, especially those involving large amounts of money.
The Lebanese banking institutions have been under pressure from the US and its Western allies to tighten measures against the movement of cash in and out of the country.