Our banks not a haven for dirty money: Torbey

Secrecy laws no longer unrestrained,
cannot protect money laundering

Lebanese banks are by no means a haven for dirty money, Joseph Torbey, Chairman of the Association of Banks in Lebanon (ABL) said yesterday (July 19),refuting claims that banks have been partners in money laundering schemes.

Torbey said banking secrecy laws cannot possibly be used to cover up dirty money: “Banking secrecy in Lebanon is no longer unrestrained.” He said banking secrecy laws are only meant to protect clean money from legitimate sources.

Torbey said banks with operations in Syria are not threatened by the bloodshed there: “(These) banks have minimized their operations and their budgets in the last few months.” However, Torbey urged banks, and all parties in the financial and economic sectors, to “take note of risks facing Syria”. He said although the banking sector has been operating independently, at a distance from political and security fluctuations, being in a high-risk region prompts banks to always be alert as bank managements take high precautionary measures.