Regulatory Alerts2020-03-31 | 13214Central Bank of Lebanon Circular No. 548: Amendment to Decision No. 12625 on the Common Reporting Standard
The Central Bank of Lebanon issued Circular No. 548 to amend Decision No. 12625 regarding the automatic exchange of information for tax purposes under the Common Reporting Standard. The amendment modifies Article 2 of the original decision to incorporate the definition of 'beneficial owner' and the determination method for 'controlling person' as established in the anti-money laundering and counter-terrorist financing regulatory framework. This decision entered into force immediately upon issuance and was published in the Official Gazette on March 31, 2020.
Circular No. 548
For Banks and Financial Institutions
We enclose a copy of Decision No. 13214 dated 31/3/2020, concerning the amendment of Decision No. 12625 dated 21/7/2017 (Automatic Exchange of Information for Tax Purposes (Common Reporting Standard)), attached to Circular No. 139.
Beirut, on 31 March 2020
Governor of the Central Bank of Lebanon
Riad T. Salamah
Decision No. 13214
Amending Decision No. 12625 dated 21/7/2017 concerning the Automatic Exchange of Information for Tax Purposes (Common Reporting Standard)
The Governor of the Central Bank of Lebanon,
Pursuant to the Monetary and Discount Law, specifically Articles 174, 182, and 70 thereof,
Pursuant to Decision No. 12625 dated 21/7/2017 concerning the Automatic Exchange of Information for Tax Purposes (Common Reporting Standard),
Pursuant to Decision No. 7818 dated 18/5/2001 and its amendments concerning the system for monitoring financial and banking operations to combat money laundering and terrorist financing,
And based on the prerogatives that revert to the Governor in the capacity of ensuring the operation of the Central Bank of Lebanon based on the principle of continuity of the public service,
Decides as follows:
Article 1: The following text is added to point (4) of "Article 2" of Decision No. 12625 dated 21/7/2017:
« 4- When determining the "Controlling Person", the definition of "Beneficial Owner" found in the system for monitoring financial and banking operations to combat money laundering and terrorist financing attached to Decision No. 7818 dated 18/5/2001, as well as the method of determination provided for in the aforementioned system, shall be relied upon. »
Article 2: This Decision shall enter into force upon its issuance.
Article 3: This Decision shall be published in the Official Gazette. Beirut, on 31 March 2020
Governor of the Central Bank of Lebanon
Riad T. Salamah