Lebanon Businessnews News
 

Money Dealers complain new measures
"Central Bank circulars limited our productivity", says Head of Money Chngers' Syndicate
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July 12, 2011- Head of the Syndicate of Money Changers, Mahmud Halawi, cited the downsides of the five Central Bank circulars. The circulars have limited the activity and productivity of money changing firms, he said.

Halawi was addressing a seminar on the effects of the five Central Bank circulars regulating the money changing business.

Money changing firms can no longer open an account at a bank where the shareholders, managers, or those authorized to sign have a personal account. This measure, Halawi said, has prohibited firms from transferring money from their local accounts to an account abroad. This cost money changers massive losses, he said.

The Central Bank’s measures came in the wake of the US Treasury’s accusations to the Lebanese Canadian Bank (LCB) and five money changing firms of facilitating financial operations for the benefit of individuals blacklisted as terrorists.

Intermediary circular 262 addresses the status of control of banking and money activity for fighting money laundering. It urges banks and financial institutions to amend their control systems.

The second circular deals with banks, financial institutions, money changing firms, and financial brokerage institutions, and is related to the operations of transferring cash money in foreign currencies from and to the country.

Head of the Syndicate of Certified Public Accountants, Gina Chammas, said the syndicate is working to find methods to apply the pertinent career standards in two fields: separating accounting operations from auditing operations, and applying the internationally recognized quality code, which, according to the rules of procedure, should have been implemented since 2005.
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Date Posted: Jul 13, 2011