Source: The Daily Star | 06 October 2017 | Country: Beirut Lebanon

Conference tackles terror financing

Conference tackles terror financing

BEIRUT: Speakers at a conference on money laundering and terrorism funding Thursday underlined the importance of cooperating with the international community and the U.S. to combat this phenomenon. Joseph Torbey, the chairman of the Union of Arab Banks, told the participants at the conference, which was organized by the Union of Arab Banks, that Arab banks had held several meetings with U.S. Treasury officials to discuss measures to crack down on money laundering and terrorism financing.

 

“The issue of money laundering and terrorism financing remains a global concern despite international, regional and national laws, which include a number of agreements that set a framework for coordinating the efforts of countries and organizations globally and regionally to encounter this phenomenon,” Torbey said.

 

He added that the international community is updating laws and measures in view of new methods and techniques used by those involved in money laundering and terrorism financing.

 

“All official and nonofficial [reports] around the world have concluded that money laundering has doubled dramatically over the past two decades. The United Nations Office on Drugs and Crime estimated global money laundering in 2016 at around 2-5 percent of world GDP, or around $1.5 trillion to $2 trillion. Global spending on compliance against money laundering is expected to exceed $8 billion,” he added.

 

According to the latest report by the Special Investigation Commission, Lebanon lifted banking secrecy in 42 cases of suspected involvement in money laundering, embezzlement and terrorist funding in 2016.

 

The report said the SIC received 470 cases and investigated 399.

 

It added that 71 cases are still pending, which means the commission will determine if they will be prosecuted, depending on the strength of the evidence.

 

Torbey noted that organizations and individuals behind money laundering and terrorism funding have exploited technology and advanced data systems to channel money.

 

He added that banks have invested heavily to counter these methods and coordinated closely with financial authorities around the world.

 

“The Union of Arab Banks has been seeking for years to achieve effective international cooperation in the field of detecting, combating and controlling cases of money laundering and financing terrorism and extremist groups because these crimes are considered a menace to all societies and countries,” Torbey said.

 

He added that the Union of Arab Banks has a set a platform for dialogue with the European Union, the Federal Reserve, the U.S. Treasury and correspondent banks.

 

The President of the Special Investigation Commission Abdul Hafiz Mansour also emphasized the importance of increasing cooperation with the international community to counter money laundering and terrorism financing.

 

Mansour drew attention to the rise in cybercrime in Lebanon and around the world. “The losses resulting from cybercrime are estimated at billions of dollars. The seriousness of these funds is the rapid transfer of funds and the difficulty of tracking them because they are crossed by several countries very quickly, so it is difficult to investigate the perpetrators and prosecute the perpetrator,” he added.

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