Source: Reuters
Security & Justice
Four Italian Soldiers Hurt in UNIFIL Base Attack, Hezbollah Suspected
Four Italian soldiers were lightly injured after two rockets exploded at a UNIFIL peacekeeping force base in southern Lebanon, the Rome government said on Friday, expressing outrage at the incident.
Friday, November 22, 2024
UN Reports Heavy Clashes Between Israeli Troops and Hezbollah in South Lebanon
Israeli troops fought fierce battles with Hezbollah fighters on Friday in different areas in south Lebanon, including a coastal town that is home to the headquarters of U.N. peacekeepers.
Friday, November 22, 2024
Opinion
Lebanon's Economy—Not Battlefield—May Have the Final Word
Time and again during this most recent war in Lebanon, we hear the phrase, “The battlefield has the final word”. It has become the sole and wholly unsatisfactory refrain of Hezbollah and the so-called 'Axis of Resistance'.
Wednesday, November 20, 2024
Flying Above the Bombs, a Lebanese Airline Becomes an Unlikely National Hero
It used to be like almost any other national carrier, fielding gripes about flight delays, ticket prices and bad food.
Wednesday, November 20, 2024
Sports
Israel Face France in Paris Football Match Under Tight Security
Israel face France in a Nations League football match in Paris on Thursday surrounded by a huge security operation to prevent a repetition of the attacks on Israeli fans in Amsterdam last week.
Thursday, November 14, 2024
Alcaraz Beats Rublev to Open ATP Finals Account
Carlos Alcaraz opened his account at the ATP Finals on Wednesday with an entertaining 6-3, 7-6 (10/8) win over Andrey Rublev which boosted his hopes of reaching the semifinals.
Wednesday, November 13, 2024
Saturday 27 May 2023 09:51:36
Lebanon to Take Steps to Fix Finance Sector Shortfalls, Finance Intelligence Unit Says
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 in Bahrain.
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.
Lebanon's financial crisis has severely restricted banking transactions and many corresponding institutions have cut their ties to the country. It has made little progress on reforms required by the IMF, and its central bank governor has been charged by France in a financial fraud case, triggering an Interpol red notice.
