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.



UK Govt Promises to Save Businesses £800 Million in Paperwork and Tariffs

 Britain's Prime Minister Andy Burnham meets pharmacy staff before receiving an annual seasonal flu vaccination at Kapoor Pharmacy Services in Chorlton-cum-Hardy in Manchester on October 22, 2026. (AFP)
Britain's Prime Minister Andy Burnham meets pharmacy staff before receiving an annual seasonal flu vaccination at Kapoor Pharmacy Services in Chorlton-cum-Hardy in Manchester on October 22, 2026. (AFP)
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UK Govt Promises to Save Businesses £800 Million in Paperwork and Tariffs

 Britain's Prime Minister Andy Burnham meets pharmacy staff before receiving an annual seasonal flu vaccination at Kapoor Pharmacy Services in Chorlton-cum-Hardy in Manchester on October 22, 2026. (AFP)
Britain's Prime Minister Andy Burnham meets pharmacy staff before receiving an annual seasonal flu vaccination at Kapoor Pharmacy Services in Chorlton-cum-Hardy in Manchester on October 22, 2026. (AFP)

British ‌Prime Minister Andy Burnham said on Friday his government would help businesses save almost £800 million ($1 billion) a year by cutting back on paperwork and extending the suspension of some trade tariffs.

Speaking ahead of his government's first annual budget statement ‌next week, Burnham ‌said the measures ‌would ⁠give businesses "breathing space to ⁠grow".

The changes would make compliance guidance simpler and easier for small firms, saving £290 million, and extend £155 million of import tariff suspensions on 250 products ⁠used by businesses, Britain's finance ‌ministry ‌said.

Another measure would reduce duplicative reporting ‌burdens for asset management firms, ‌saving £105 million, and remove £116 million in costs for businesses involved in residential property transactions, the government said in ‌a statement.

British finance minister John Healey is due ⁠to ⁠announce his first budget on Wednesday next week and he has promised to reduce the cost of business as well as help households with the high cost of living – though his ambitions will be limited by the fragile state of the public finances.


Oil Prices Rise as Supply Concerns Linger amid Middle East Attacks

Oil pumps operate after sunset outside Vaudoy-en-Brie, near Paris, France, March 18, 2026. (Reuters)
Oil pumps operate after sunset outside Vaudoy-en-Brie, near Paris, France, March 18, 2026. (Reuters)
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Oil Prices Rise as Supply Concerns Linger amid Middle East Attacks

Oil pumps operate after sunset outside Vaudoy-en-Brie, near Paris, France, March 18, 2026. (Reuters)
Oil pumps operate after sunset outside Vaudoy-en-Brie, near Paris, France, March 18, 2026. (Reuters)

Oil prices rose on Friday after Houthi attacks in Saudi Arabia stoked concerns of further disruption to energy supplies from the Middle East.

Brent crude futures climbed 58 cents, or 0.5%, to $113.75 a barrel as of 0439 GMT, while US West Texas Intermediate crude futures rose 66 cents, or 0.7%, to $100.13.

On a weekly basis, Brent, which settled at its highest since May 4 on Thursday, is set to close higher for a third ‌successive week, while WTI ‌is on track to finish lower, ‌following ⁠two weeks of gains.

"Markets are increasingly worried about renewed escalation in the Gulf, a scenario that could threaten oil ⁠flows that have so far remained remarkably ‌resilient," ING analysts said in a ‌note on Friday.

"Re-escalation seems the most likely path. Even ‌if tensions don't re-escalate, the mere possibility is likely ‌to keep a sizeable geopolitical risk premium embedded in prices."

"The key factors ⁠to monitor ⁠now are the extent of actual disruption and the time needed to restore operations, as these will ultimately determine how much of a supply risk premium the market is willing to pay," said Linh Tran, an analyst at XS.com.

"If attacks persist and delay deliveries, elevated prices will have a firmer foundation."

In Libya, an oil pipeline valve from the Hamada and Tahara oilfields to Zawiya port has been shut, leading to a reduction in production at both fields, the head of the National Oil Corporation told Reuters on Thursday.


Port Security and Trade Continuity: A New Formula for Saudi Competitiveness

A panel discussion featuring Professor Waheed Sami Abu Shanab (Conference)
A panel discussion featuring Professor Waheed Sami Abu Shanab (Conference)
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Port Security and Trade Continuity: A New Formula for Saudi Competitiveness

A panel discussion featuring Professor Waheed Sami Abu Shanab (Conference)
A panel discussion featuring Professor Waheed Sami Abu Shanab (Conference)

Port competitiveness is no longer just about handling more ships and containers. Keeping trade moving and infrastructure secure against physical and cyber threats has become just as critical, as ports grow more reliant on digital systems and supply chains become increasingly complex.

The economic fallout from port disruptions and their impact on global trade took center stage at a session titled "Securing Infrastructure" during the Saudi Maritime and Logistics Congress 2026, which opened Wednesday in Jeddah with maritime and infrastructure security experts in attendance.

Discussions focused on threats facing ports and shipping companies, particularly cyberattacks capable of crippling operations and disrupting trade, and the need to strengthen port readiness to keep services running and limit economic losses.

Professor Waheed Sami Abu Shanab, a professor of marine engineering at King Abdulaziz University's Faculty of Maritime Studies, said Saudi ports now face a challenge that goes beyond expanding capacity: withstanding disruptions while keeping trade flowing at the lowest possible cost.

Speaking to Asharq Al-Awsat on the sidelines of the session, Abu Shanab said Saudi Arabia's ports on the Red Sea and Arabian Gulf gave the kingdom a strategic advantage as international trade routes shift. But making the most of that position requires greater investment in operational resilience, logistics connectivity and cybersecurity.

Investments top $3.7 billion

The challenges come as Saudi Arabia ramps up investment in port infrastructure. Its ports now have 34 logistics centers, including 17 at Jeddah Islamic Port, backed by investments exceeding 14 billion riyals ($3.7 billion), alongside projects to upgrade container terminals and boost handling capacity.

Abu Shanab said the investments include more than 2 billion riyals to develop a container terminal at Jubail Port and an initial 1.6 billion riyals for a fourth container terminal at Jeddah Islamic Port. Other projects involve upgrading cargo-handling equipment and expanding the use of modern operating systems.

He said future investment must focus on operational efficiency, reserve capacity and stronger links between ports, roads, railways and logistics hubs to absorb sudden surges in shipping volumes and redirect cargo when routes are disrupted.

Abu Shanab floated a preliminary proposal for an additional 10 billion to 20 billion riyals in investment over five years to strengthen strategic ports' readiness.

He stressed that the figure was a proposed planning scenario, not an official assessment of the sector's needs or an approved budget.

Cyberattacks threaten trade beyond ports

Abu Shanab warned that growing reliance on digital systems exposes ports to cyber threats whose economic impact could ripple through factories, markets and supply chains.

He pointed to the 2017 cyberattack on global shipping group Maersk, which the company estimated cost it between $200 million and $300 million after widespread disruption to its operations and systems.

A failure of digital systems managing containers, vessel schedules and cranes could leave cargo stranded, drive up delay and insurance costs, and undermine shipping companies' commitments and customer confidence, he said.

To illustrate the potential costs, Abu Shanab offered a hypothetical scenario: a delay affecting 5,000 twenty-foot equivalent units (TEUs), each incurring an additional 1,000 riyals in costs, would generate a direct bill of 5 million riyals before indirect losses.

He stressed that the calculation did not reflect actual losses at Saudi ports but illustrated the potential cost of disruptions. Investing in prevention and business continuity, he argued, could be cheaper than shutting down a strategic port.

Competitiveness goes beyond handling fees

Abu Shanab said regional ports should be judged not simply by their handling charges but by the total cost of getting goods from ships to markets, including customs clearance, storage, inland transport and schedule reliability.

Saudi ports overseen by the Saudi Ports Authority handled about 8.3 million TEUs in 2025, up 10.58% from a year earlier, highlighting growing activity and the need to expand capabilities without compromising service efficiency.

Artificial intelligence could help schedule vessel arrivals and allocate berths, while upgraded handling equipment could cut waiting times and fuel, storage and transportation costs, making services more reliable for shipping lines, he said.

"The most competitive port is not necessarily the one with the lowest fees, but the one offering the lowest total logistics cost, the greatest reliability and the fastest access to markets," Abu Shanab said.

Simulating crises before they strike

Abu Shanab called for a national simulation model using digital twins and artificial intelligence to test how ports and supply chains would respond to facility shutdowns or shifting maritime routes, and measure the time and cost of restoring operations.

He also urged stronger protection for critical infrastructure, including submarine cables, energy and telecommunications facilities, alongside improved vessel monitoring systems, disaster recovery centers and backup operating plans to keep essential services running.

Saudi Arabia's ports on two coastlines, coupled with expanding logistics services and transport networks, offer a foundation for more reliable supply chains, he said. But realizing that potential depends on matching existing investments with operational and technological readiness.

Protecting maritime infrastructure, Abu Shanab concluded, is no longer a standalone security or technical concern. It is central to port competitiveness and Saudi Arabia's ability to keep trade flowing, attract shipping lines and secure long-term investment.