The SIC, Lebanon's Financial Intelligence Unit (FIU), receives, analyzes, investigates suspicious transaction reports (STRs) and ensures compliance of banks, financial institutions and other reporting entities with the AML/CFT regulations.
The FATF Plenary week which includes the first
Plenary meeting under the Spanish Presidency of Juan Manuel
Vega-Serrano on 19-21 October, will take place at the OECD Headquarters in
Paris, France. Throughout the week’s meetings, delegates from the more
than 190 members of the FATF and the FATF-Style Regional Bodies plus the UN,
IMF World Bank and other partners, will work through a full agenda that
response to terrorist financing. Delegates
will discuss progress in implementing the consolidated strategy since the June
2016 Plenary meeting. The Plenary will discuss interpretive note to
Recommendation 5 on the terrorist financing offence and a guidance to assist
countries to fully and effectively criminalise terrorist financing.
The FATF is expected to approve a joint FATF-GABAC-GIABA report on Terrorist
Financing in West and Central Africa.
- decline of correspondent banking relationships.
The practice of de-risking, which could lead to financial exclusion and higher
money laundering and terrorist financing risks has been a concern for the FATF
for some time. Delegates will discuss cooperation with other relevant
organisations such as the FSB, CPMI, World Bank and IMF, to understand the
complex drivers for de-risking and to ensure that an incorrect
application of AML/CFT measures does not contribute to this practice. The
Plenary is expected to approve a guidance which explains the risk-based
approach for correspondent banking services.
and beneficial ownership. Delegates will discuss
FATF’s proposals to G20 to improve countries’ effective implementation of FATF
standards to improve access to beneficial ownership information. The FATF will
also discuss other options for future work on transparency and beneficial
ownership and to prevent the abuse of companies and trusts for illicit
outcomes of the mutual evaluation reports of Switzerland and the United
States. These reports assess each country’s
measures to combat money laundering and terrorist financing, and make
recommendations to further strengthen these measures. Subject to the
discussions at this meeting, these reports are expected to be published within
two months of the plenary meeting.
The FATF sets standards and promotes effective
implementation of legal, regulatory and operational measures for combating
money laundering and the financing of terrorism and proliferation.