- Advertising Agencies
- Architects

- Banks

- Car Dealers
- Car Rental
- Casinos
- Commerce
- Consulting
- Cosmetology
- Craft

- Data Processing &
Computer Systems
- Decoration &

- Editing
- Elementary Schools
- Engineering &
- Environment / Waste
Management Services
- Express Delivery

- Fashion
- Financial Services
- Food & Beverage
- Furnished Apartments

- Health / Beauty
- Higher & Vocational
- Home Appliances
- Hotels 3
- Hotels 4(A)
- Hotels 4(B)
- Hotels 5
- Hotel & Restaurant

- Industry
- Insurance
- Interior Design /
- Internet

- Jewelleries

- Lighting
- Luxury

- Media
- Music

- Office Equipment /
- Oriental Carpets
- Outside Decoration

- Printing
- Promotional Materials

- Real Estate
- Recruitment
- Restaurants

- Sanitary Wares
- Security
- Services
- Sweets

- Taxi
- Telecommunication &
Mobile Phones
- Transport
- Travel Agencies
- Technical Studies

- Watches
- Water Treatment



Back to archives Back to news
French Version

Central Bank urges tougher measures for region (Daily Star)

Arab banks to review their overall policies in terms of supervision, transparency

Lebanon's Central Bank governor, Riad Salameh, urged Arab banks Thursday to adopt tough measures to prevent money laundering and terrorist funding operations.

Speaking at the opening of a conference on Arab banking supervision in Beirut, Salameh said banking authorities must be firm in implementing international criteria on risk management as clearly stipulated by the Basel II committee, the international body that regulates minimal capital requirements for banks and which was established at the 1999 "Basel II" conference in Switzerland.

"We must make sure banks apply measures that prevent ... money laundering and the funding of terrorist operations," Salameh said.

Lebanon and several other Arab states have applied tough laws in the past few years to target money laundering.

Lebanon, one of the few countries in the world with a banking secrecy law, came under pressure from the Financial Action Task Force (FATF), part of the G-7 group, to upgrade its banking supervision to ensure organized crime and drug cartels do not channel funds through Lebanese banks.

In 2001, the FATF removed Lebanon's name from a list of countries thought to be failing to cooperate in the fight against money laundering.

Salameh also called on Arab countries to update their banking laws "if they wanted to contain the effects of globalization in the future."

Salameh said that capital inflows into the Arab world represent only 2 percent of all global inflows.

"If the argument is right about the risks of globalization then it also right to say that any laxity in carrying out banking reforms will be equal to economic recession."

Salameh added that Lebanese banks had applied capital adequacy ratios of 12 percent in 2002 and are expected to meet the requirements of Basel II in the future.

But some financial analysts say that not all Lebanese banks will be able to meet the body's strict conditions, which require banks to raise capital and improve risk management.

Walid Alamuddin, the head of the Banking Control Commission, said that the successful implementation of banking supervision guidelines has helped improve the size of assets and deposits in Lebanon.

"Total assets of commercial banks in Lebanon now exceed $70 billion, if the assets of branches abroad are included," Alamuddin said.

He added that the size of Lebanese banks' assets are three times more than the country's gross domestic product - one of the highest ratios in the world.

Alamuddin said Lebanon is expected to begin implementation of Basel II's requirements at the beginning of 2007.

Beirut 13-12-2004
Osama Habib
The Daily Star

Business News
Business Forum
Business Opportunities
Fairs & Exhibitions
Useful Addresses
Currency Exchange Rates
Some Marks
To see in Lebanon
Media of 1stlebanon
Impact of 1stlebanon
Add your company
Press Book
Flowers delivery Lebanon
Flowers delivery Dubai
Oriental food specialty
Lebanese wine
Real estate agency Beirut
Hotel Hamra-Beirut
Car rental
Rent a car lebanon
Reservation for your travel in Lebanon
Association des français de l'étranger
-section Liban
Diamond jewelry Lebanon
Jewelry manufacturer Lebanon
Jewelry watches-Swiss made watches
Diamond Swiss watches
Modern and comtemporary jewelry
Byzantine & Phoenician jewelry
Jewelry creation
Oriental, classical and traditional decoration
Hand made furniture
Construction management Lebanon
Projects development
Shoes manufacturer and distributor Lebanon
Sole agent of Philips & Whirlpool in Lebanon
Web development
Web marketing
Printing press services
Paper products
Insurance company Lebanon
Insurance Lebanon
Rent villas France
Hotels all over Syria
Hotel management company
University Lebanon
Arab Media News