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12:06 GMT
Lebanese Finance Minister Ali Hassan Khalil during the Banking Forum on the definition and the consequences of international sanctions on Arab banks
BEIRUT, Feb 12 (KUNA) -- Lebanese Finance Minister Ali Hassan Khalil stressed on Friday his country's commitment to international laws and standards which fight terrorism and money laundering.
"This has enabled Lebanon and its banking sector to communicate with the world and international bodies and tell them that Lebanon is committed to international laws that fight terrorism and money laundering," the minister said, inaugurating the Banking Forum on the definition and the consequences of international sanctions on Arab banks.
"We are extremely keen on organizing our legislations and on garnering our legal, political, and security resources in an attempt to complete the fight against terrorism," the official National News Agency quoted the minister as saying."
Despite the mounting crisis in Lebanon, which has led to the disruption of state institutions -- staring with the Lebanese presidency, "we have managed to place Lebanon's best interest above all", he noted.
"We fully trust that our banking and financial sectors have practiced self-censorship, which has in turn boosted the Lebanese investor's trust, as well as that of Arab and international investors," he stressed.
He pointed out that despite the tough economic conditions facing Lebanon, the country still stands far from an economic collapse.
He affirmed that the country remains in a pressing need for reforms so as to preserve its financial administration and the balance which preserves its stability.
Meanwhile, Dr. Joseph Torbey, chairman of the World Union of Arab Bankers, said financial crimes have become key issues of the financial sector as they have serious reflections on economy and the society, noting that money laundering leads to economic disorders.
Many cross-border remittances showed risks due to money laundering of organized crimes, drugs, financing terrorism and other social scourges, he added, noting that this needs an international cooperation to combat money laundering and prevent crimes. (end)
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