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Watchdog FATF Places Lebanon on Financial Crime Watchlist

People inspect the damage at the site of an overnight Israeli airstrike that targeted Beirut's southern suburbs on October 25, 2024, amid the ongoing war between Israel and Hezbollah. (Photo by AFP)
People inspect the damage at the site of an overnight Israeli airstrike that targeted Beirut's southern suburbs on October 25, 2024, amid the ongoing war between Israel and Hezbollah. (Photo by AFP)
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Watchdog FATF Places Lebanon on Financial Crime Watchlist

People inspect the damage at the site of an overnight Israeli airstrike that targeted Beirut's southern suburbs on October 25, 2024, amid the ongoing war between Israel and Hezbollah. (Photo by AFP)
People inspect the damage at the site of an overnight Israeli airstrike that targeted Beirut's southern suburbs on October 25, 2024, amid the ongoing war between Israel and Hezbollah. (Photo by AFP)

Lebanon has been placed on the so-called "grey list" of countries under special scrutiny by financial crime watchdog FATF, FATF said on Friday.

"Of course we recognize the extreme, grave situation that Lebanon is currently facing," Elisa de Anda Madrazo, the watchdog's president, told journalist.

"Lebanon's status on the grey list should not impede relief efforts ... We are working to make sure that channels of humanitarian aid remain open," she added.

Lebanon has been in a financial crisis since 2019 that has been left to fester by the country's leaders and now faces growing damage from Israeli airstrikes and ground operations against Hezbollah.

Madrazo said Lebanon had been accorded some flexibility regarding deadlines set in its action plan, but did not provide details at the news conference.

A source told Reuters earlier on Friday that the war had led the FATF to give Lebanon until 2026 instead of 2025 to address the issues that led to its grey-listing, including concerns over terrorism financing and a lack of judicial independence.

The grey-listing is likely to further deter investment in Lebanon and could affect the relationship between some Lebanese banks and the global financial system.

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Future Investment Initiative Conference Gathers Global Decision-Makers in Riyadh

One of the dialogue sessions of the Future Investment Initiative in its previous edition (Asharq Al-Awsat)
One of the dialogue sessions of the Future Investment Initiative in its previous edition (Asharq Al-Awsat)
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Future Investment Initiative Conference Gathers Global Decision-Makers in Riyadh

One of the dialogue sessions of the Future Investment Initiative in its previous edition (Asharq Al-Awsat)
One of the dialogue sessions of the Future Investment Initiative in its previous edition (Asharq Al-Awsat)

Under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, Riyadh is set to launch the eighth edition of the Future Investment Initiative (FII) conference on Monday.
This year’s event carries the theme, “Infinite Horizons... Investing Today, Shaping Tomorrow” and will feature prominent figures in finance, investment, and technology.
Through its annual conference, often called the “Davos of the Desert,” the Future Investment Initiative aims to foster discussions on how investment can drive a prosperous and sustainable future, expanding the possibilities for humanity.
The conference is expected to attract over 7,000 guests and 500 speakers, covering a wide range of current topics across more than 200 sessions. Key areas of focus include economic stability, equitable development, climate change, artificial intelligence, innovation, health, and geopolitical issues.
Among those looking to leverage projects aligned with Saudi Arabia’s Vision 2030 are David Solomon of Goldman Sachs, Jane Fraser of Citigroup, and Larry Fink of BlackRock, which recently agreed to establish a multi-asset investment platform in Riyadh, backed by a $5 billion investment from Saudi Arabia’s sovereign wealth fund. This year, the conference will also host the New Africa Summit, featuring speakers from Africa’s mining and banking sectors.
Reflecting Saudi Arabia’s emphasis on technology and artificial intelligence, industry leaders in these fields will participate in the event. Notably, Alphabet President Ruth Porat, TikTok CEO Shou Zi Chew, and tech entrepreneur Benjamin Horowitz, co-founder of the venture capital firm Andreessen Horowitz, are scheduled to speak for the first time.
According to Richard Attias, CEO of the Future Investment Initiative, executives worldwide are expected to announce deals exceeding $28 billion. Some of these initiatives will focus on artificial intelligence, including a new potential fund with Andreessen Horowitz that could grow to $40 billion, as reported by Bloomberg.
The Kingdom is also expected to announce a new company that will invest at least $10 billion in making Saudi Arabia the world’s largest producer of hydrogen—a low-carbon fuel critical for the global transition away from fossil fuels. Key speakers from Asia will include Hong Kong’s Financial Secretary Paul Chan and Belt and Road Commissioner Nicholas Ho.
On the eve of the event, Swiss entrepreneur and FII participant Stephan Knuser told Asharq Al-Awsat that the conference will provide significant business insights for both local and international communities, anticipating that new partnerships will form between Swiss and Saudi companies in energy-efficient technologies and food security.
Neil Bush, Chairman of Sky Towers, remarked: “We view FII as not only a driver for attracting capital but also for bringing in technologies that accelerate Saudi Arabia’s goals.” According to Bush, the FII topics align with needs like business registration processes, free trade zone policies, and strategies for developing industrial complexes, which will help accelerate Vision 2030 goals, including carbon reduction.