عربي English Türkçe اردو فارسى
Logo
Latest News
Arab World

Lebanon Says to Take Steps to Fix Finance Sector Shortfalls

FILE PHOTO: A view shows the exterior of Lebanon's Central Bank building in Beirut, Lebanon March 21, 2022. REUTERS/Mohamed Azakir/File Photo
FILE PHOTO: A view shows the exterior of Lebanon's Central Bank building in Beirut, Lebanon March 21, 2022. REUTERS/Mohamed Azakir/File Photo
TT
TT

Lebanon Says to Take Steps to Fix Finance Sector Shortfalls

FILE PHOTO: A view shows the exterior of Lebanon's Central Bank building in Beirut, Lebanon March 21, 2022. REUTERS/Mohamed Azakir/File Photo
FILE PHOTO: A view shows the exterior of Lebanon's Central Bank building in Beirut, Lebanon March 21, 2022. REUTERS/Mohamed Azakir/File Photo

Lebanon will work over the next year to address deficiencies in policing corruption identified by a financial crime watchdog, the country's financial intelligence unit said on Friday.

The Special Investigation Commission said in a statement it "discussed and adopted" an evaluation report by the Middle East and North Africa Financial Action Task Force (MENAFATF) during the body's plenary this week.

The evaluation is a crucial step towards regaining or further degrading trust in Lebanon's financial system, which has been in a tailspin since 2019. Its authorities are struggling to implement reforms to secure a deal with the International Monetary Fund for a bailout.

The report will be published in June, the commission said, without noting any amendments to the draft.

A draft seen by Reuters showed Lebanon scored as only partially compliant in several categories, including anti-money laundering measures, transparency on beneficial ownership of firms and mutual legal assistance in asset freezing and confiscation.

The cumulative score put Lebanon "one mark over the threshold to be grey-listed," said a diplomatic source.

The commission did not respond to requests for comment.

Its statement cited "recent uninformed statements and analysis that Lebanon may be listed on the 'grey list' this week'."

"Lebanon will have to take corrective measures to address the identified deficiencies and submit to MENAFATF a progress report during 2024," it added.

Being on the grey list could disrupt a country's capital flows, the IMF found in a 2021 paper, with banks possibly ending relationships with customers in high-risk countries to reduce compliance costs.

Other risks include reputational damage, credit ratings adjustments, trouble obtaining global finance and higher transaction costs.

Most Viewed

 
 
Arab World

UN Says It's Ready to Ramp Up Delivery of Desperately Needed Aid to Gaza

A Palestinian man rides a donkey-pulled cart along a street on a misty morning in Khan Yunis in the northern Gaza Strip on January 17, 2025, as Israel's security cabinet is expected to approve a Gaza ceasefire and hostage release deal. (Photo by Bashar TALEB / AFP)
A Palestinian man rides a donkey-pulled cart along a street on a misty morning in Khan Yunis in the northern Gaza Strip on January 17, 2025, as Israel's security cabinet is expected to approve a Gaza ceasefire and hostage release deal. (Photo by Bashar TALEB / AFP)
TT
TT

UN Says It's Ready to Ramp Up Delivery of Desperately Needed Aid to Gaza

A Palestinian man rides a donkey-pulled cart along a street on a misty morning in Khan Yunis in the northern Gaza Strip on January 17, 2025, as Israel's security cabinet is expected to approve a Gaza ceasefire and hostage release deal. (Photo by Bashar TALEB / AFP)
A Palestinian man rides a donkey-pulled cart along a street on a misty morning in Khan Yunis in the northern Gaza Strip on January 17, 2025, as Israel's security cabinet is expected to approve a Gaza ceasefire and hostage release deal. (Photo by Bashar TALEB / AFP)

The United Nations said Wednesday that it’s ready to ramp up the delivery of desperately needed humanitarian aid to Gaza following a ceasefire agreement and urged the removal of major security and political obstacles so supplies can reach all Palestinians in need.
UN Secretary-General Antonio Guterres called the announcement of a deal to pause the fighting “a critical first step” and told reporters that the UN’s top priority must be to ease the tremendous suffering caused by the conflict triggered by Hamas’ Oct. 7, 2023, attacks in southern Israel, The Associated Press said.
“The humanitarian situation is at catastrophic levels,” he said. “From our side, we will do whatever is humanly possible, aware of the serious challenges and serious constraints that we will be facing.”
UN humanitarian chief Tom Fletcher said aid agencies have been mobilizing supplies in preparation for a ceasefire to scale up deliveries of food, medical supplies and other key items.
Less than half of Gaza’s 36 hospitals are functional, water production is at a quarter of capacity, 95% of school buildings have been damaged or destroyed and nearly all of Gaza’s 2.1 million people are facing high levels of food insecurity, said Catherine Russell, executive director of the UN children’s agency UNICEF.
The top UN humanitarian official for Gaza, Sigrid Kaag, met with senior Israeli and Palestinian officials in recent days to discuss how to increase aid after a ceasefire agreement, UN spokesman Stephane Dujarric said Tuesday.
Kaag’s meetings focused on trying to overcome challenges to deliveries that could remain even after the deal, including gunmen stripping convoys of aid, Israeli restrictions on access to Gaza, road damage, unexplored ordnance, fuel shortages and a lack of telecommunications equipment, he said.
The UN humanitarian office reported Tuesday that “Israeli authorities continue to deny UN-led efforts to reach people with vital assistance,” Dujarric said. In northern Gaza, where Israel launched its latest offensive, the UN has been denied access to deliver food supplies since Dec. 20, he said.
In addition to the lawlessness, the United Nations faces a major political obstacle. Its humanitarian operation in Gaza depends on the UN agency for Palestinian refugees, known as UNRWA, which Israel’s parliament voted to ban from operating in the Palestinian territories. That legislation takes effect on Jan. 28.
Guterres has said there is no UN agency that can replace UNRWA, and if it is banned from operating, Israel as the occupying power in the Palestinian territories must take responsibility for providing aid.
UN officials said it’s imperative that the ceasefire deal is fully implemented and aid is allowed to flow freely.
“With the collapse of essential services across Gaza, we must act urgently to save lives and help children recover,” Russell of UNICEF said in a statement.
Guterres said the United Nations expects its efforts to be matched by other humanitarian organizations, the private sector and government initiatives.
David Miliband, head of the International Rescue Committee, said aid groups must be given full access and adequate funding to rush aid to Gaza’s people after 15 months with limited food, clean water and medical care. He said his organization would quickly ramp up efforts: “The needs are immense and need urgent attention.”
Jan Egeland, a former UN humanitarian chief who heads the Norwegian Refugee Council, said, “Israel must immediately lift all restrictions on aid and humanitarian agencies to avert famine-like conditions and ensure access to shelter, food, and medical care for all in need.”
He called on the United States, Germany, the United Kingdom and other nations “to make sure Israel does keep all crossings open, enabling a sustained flow of aid that can alleviate further suffering.”
US President Joe Biden, speaking in Washington, said, “The surge of humanitarian assistance into Gaza will begin. And the innocent people can have a greater access to these vital supplies.