ABL said the first draft law allows the introduction of amendments to anti-money laundering Law 318, the second draft law regulates the transfer of funds across borders and the third one is about the exchange of tax information.
ABL noted that the first draft law consists of expanding the definition of anti-money laundering to include most financial crimes, like intellectual property violations, and expanding the declaration forms to include other professional sectors, such as public notaries and lawyers, in accordance with international criteria.
Furthermore, ABL pointed out that regulating the transfer of funds across borders does not put at risk capital inflows to Lebanon. It noted that the law requires holders of cash at border entry points to disclose the amounts they have, and this would facilitate the deposit of these amounts at financial institutions in Lebanon.
Finally, ABL said the draft law on the exchange of tax information is part of the Organization for Economic Cooperation and Development’s decisions and mechanisms to combat tax evasion. It covers the exchange of tax information for nationals of OECD countries, and would not have an impact on Lebanese working in GCC countries or Africa.
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