The Special Investigation Commission (SIC), which was set up by the authorities to investigate money-laundering activity in Lebanon, received 272 cases involving different kinds of illegal activities in 2003. Banking secrecy was lifted by the authorities in 135 of the 272 cases reported last year; the rest are under investigation. The SIC did not disclose the total value of these illegal cases.
Lebanon’s name was removed from the list of countries not cooperating in the fight against money laundering in 2001 after the government and the Central Bank enforced a law to fight money laundering. Many bankers believe that Lebanon came under pressure from the international community and the United States to remove the banking secrecy law.
