Lebanon Businessnews News

Money laundering cases on the rise
Forgery tops the list
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There were 301 suspected money laundering cases in 2013, according to the annual report of the Special Investigation Commission’s (SIC) 2013, including 189 local, and 112 foreign. The number went up from 284 in 2012 and 285 in 2011. The year 2006 recorded the lowest number with 185 cases.

There were 255 cases investigated by the SIC, 46 are still pending.

The bank secrecy was lifted on 17 cases, 16 of which were local.

Forgery topped the list with 35 cases, followed by embezzlement of private funds (19), terrorism financing (15), embezzlement of public funds (12), organized crime (6), and trade of narcotics (5). The remaining 149 cases were not specified.

Banks were a main source to track Suspicious Transactions Cases (STRs) with 178 reported cases. Reports also came through customs, local, and foreign authorities.

Beirut attracted most of the cases of suspicious transaction reports with 68 percent, followed by Mount Lebanon with 15 percent.

Reported by Leila Rahbani
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Date Posted: Apr 01, 2014