The SIC, Lebanon's Financial Intelligence Unit (FIU), receives, analyzes, investigates suspicious transaction reports (STRs) and ensures compliance of banks, financial institutions and other reporting entities with the AML/CFT regulations.
Washington--To combat money laundering and financing of terrorism, the G-20 Finance Ministers have called upon all nations to sign the global convention for comprehensive exchange of information.
“We call upon all countries to join the Global Forum on transparency and to sign on the Multilateral Convention on Mutual Assistance...to combat money laundering and the financing of terrorism and proliferation of weapons of mass destruction,” said the communiqué issued after the G-20 meeting of Finance Ministers and Central Bank Governors.
G-20 is a grouping of rich and developing countries. The Multilateral Convention on Mutual Administrative Assistance facilitates sharing of tax information among the member countries.
The G-20 also supported the renewal of the mandate of Financial Action Task Force (FATF), which is an inter-governmental body formed to frame policies to combat money laundering and terror financing.
The communiqué said protecting investment was crucial for the global recovery and reaffirmed commitment to avoid protectionism.
The recent economic developments point to the continuation of a modest global recovery followed by some significant policy action, the communiqué said, adding that the risk to global economic growth has started to recede.
It said: “We remain committed to take the necessary actions to secure global financial stability. This effort shows the commitment of the international community to safeguard global financial stability and put the global economic recovery on a sounder footing”.
