Basic Circular No. 1

for Collective Investment Companies

We wish to draw your attention to a copy of Basic Decision No. 12836 dated 26/6/2018 concerning the fighting of money laundering and terrorist financing.

Beirut, 26 June 2018

Governor of the Central Bank of Lebanon
Riad T. Safieh

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Basic Decision No. 12836

Fighting Money Laundering and Terrorist Financing.

The Governor of the Central Bank of Lebanon,
Based on the provisions of Law No. 44 dated 24/11/2015 on the Fighting of Money Laundering and Terrorist Financing, particularly Article 4 thereof, And based on Law No. 161 dated 17/8/2011 concerning Financial Markets, And based on Law No. 706 dated 9/12/2005 concerning Collective Investment Companies in Movable Securities and other Financial Instruments, And based on Basic 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 Code of Conduct in Financial Markets issued on 10/11/2016 by the Financial Markets Authority of Lebanon, And based on the recommendations of the "Financial Action Task Force" (FATF), And based on the decision of the Central Bank of Lebanon's Joint Committee taken in its meeting held on 20/6/2018, Decrees the following:

Article 1

Collective Investment Companies shall comply, in the course of their activities, with the provisions of the Law on Fighting Money Laundering and Terrorist Financing, its regulatory texts, and the directives issued by the Central Bank of Lebanon and/or the Special Investigation Commission regarding the definition and identification of the "Beneficial Owner".

Article 2

This Decision shall take effect upon its issuance.

Article 3

This Decision shall be published in the Official Gazette.

Beirut, 26 June 2018

Governor of the Central Bank of Lebanon
Riad T. Safieh