Regulatory Alerts2018-12-24 | 12948Central Bank of Lebanon Circular No. 51 on the Amendment of the System for Monitoring Financial and Banking Operations to Combat Money Laundering and Terrorist Financing
The Central Bank of Lebanon issued Circular No. 51 to implement Central Bank Council Decision No. 12948, which amends the regulatory framework for combating money laundering and terrorist financing. The amendment introduces a new reporting requirement under Article 8, mandating the monitoring of cash deposits resulting from real estate sales that are subsequently withdrawn or transferred to the buyer or a designated third party under the pretext of canceling the sale. This measure aims to prevent the layering of illicit funds through fictitious property transactions and takes effect immediately upon issuance.
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