U.S. deems banks, Army keys to stability
BEIRUT: U.S. officials perceive banks and Army as elements of stability for Lebanon, the Association of Banks in Lebanon said Tuesday. “U.S. officials have unanimously reiterated their support for Lebanon and the strengthening of its model role in the region. They further stressed the importance of the Lebanese banking sector and the Lebanese Army, both pillars of Lebanon’s stability, which is imperative to protect by all necessary means,” ABL statement said.
A high-ranking ABL delegation headed by its president Joseph Torbey, vice president Saad Azhari and a number of representatives, including the secretary-general of the association Makram Sader paid a visit to Washington and New York to keep officials abreast of all measures adopted by banks in terms of the fight against money laundering and terrorism financing.
The delegation also expressed wishes during their talks with U.S. officials that any anti-money laundering measures should be based on legal foundations and in accordance with proper procedures.
These procedures include respect of legal reference, the soundness of evidence and right of defense.
It also underlined the importance that these measures should not have any negative effects on the banking sector and the country and this should be in line with the U.S. official position that upholds Lebanon’s stability and the continued achievement of the banking sector.
“This proposal was well received by U.S. officials,” the statement said.
The delegation attended the conference organized by the Federal Reserve Bank/New York.
The conference was inaugurated by the Executive Vice President of the Federal Reserve Thomas Baxter and Joseph Torbey, president of ABL and chairman of the Executive Committee of the Union of Arab Banks.
“An obvious Lebanese banking presence of the Central Bank and the Banking Control Commission was observed in comparison with representatives of other Arab countries. The active and apparent participation of the Lebanese bankers reaffirmed the status of Lebanon and the vital role of its banks that pursue the deployment and consolidation of the international standards of the banking industry,” the statement said.
The statement added that a strong presence of representatives of major American banks and official authorities were reported.
“The Lebanese delegation also held working sessions with global compliance directors of the US correspondent banks namely Bank of New York, Citibank, JPMorgan and Standard Chartered Bank,” it said.
The American bankers also welcomed their Lebanese counterpart and underlined the professional strong relations with the US correspondent banks.
“The Lebanese delegation visited Washington and held business meetings with high officials concerned with banking and finance affairs from the U.S. Treasury and the State Department. Also, the delegation met with Ed Royce, president of the foreign committee in the U.S. House, as well as prominent members of banking and financial services committee and the fight against terrorism committee, some of whom are of Lebanese descendant,” the statement said.
The delegation presented the four key financial legislations that were approved in November 2015 by the Lebanese Parliament. “These laws reflect the commitment of the Lebanese State and the Lebanese banks to the global financial and banking standards, especially in compliance with U.S. law, giving that the transactions of the Lebanese banking sector and external trade of Lebanon and the Lebanese diaspora transfers to Lebanon are mostly denominated in U.S. dollars, through the correspondent banks in New York,” the statement added.
