Includes special features of this country’s banking system and rules/laws that might impact U.S.

Lebanon has one of the most developed, well regulated, and sophisticated banking sectors in the region.  The Lebanese Central Bank (Banque du Liban - BdL) regulates all financial institutions and money exchange houses.  In November 2015, Lebanon passed Law No. 44 on Fighting Money Laundering and Terrorist Financing (amending Law No. 318, dated April 2001).  The law strengthened Lebanon’s framework for combating money laundering and terrorist financing, mandated suspicious transaction reporting, required financial institutions to obtain and maintain records of customer identification information, and facilitated access to banking information and records by judicial authorities.  The government’s Banking Control Commission (BCC) closely monitors bank credits, and all credit transactions are subject to timely and accurate disclosure.  The National Institute for the Guarantee of Deposits (NIGD) insures up to LBP 5 million (about $3,317) of Lebanese and foreign currency deposits in commercial banks. Bank financial statements are in compliance with international accounting standards.  Independent auditors conduct audits on annual accounts, and most banks utilize internationally-recognized accounting firms.
Foreigners can open accounts in banks operating in Lebanon and obtain credit on market terms.  However, due to the Internal Revenue Service’s implementation of the Foreign Account Tax Compliance Act (FATCA), Lebanese banks request additional information from U.S. citizens who would like to open accounts.  Lebanese banks claim to be fully compliant with FATCA.  Lebanese financial institutions note they meet international Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) standards.

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