June 5, 2011 - The Central Bank of Lebanon (BDL) drafted a set of new guidelines for the operations of money dealers in Lebanon with the purpose of preventing money laundering and terrorism financing.

 A Byblos Bank weekly report said the BDL issued a set of circulars about the operations of money dealers in Lebanon “in order to deter their usage for money laundering and terrorism financing, and to preserve the reputation of the sector.”

According to the report, the modifications stated that all money dealer institutions to be established after May 18, 2011 must apply additional anti-money laundering and terrorism financing procedures. It added that all persons involved in the direct or indirect management of the firm must have successfully passed training courses on anti-money laundering and terrorism financing.