Central Bank of Lebanon Circular No. 548: Amendment to Decision No. 12625 on the Common Reporting Standard

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