Money-laudering

Pages: 12 (2942 mots) Publié le: 20 janvier 2011
I. Authorities and Resources

The Proceeds of Law 318 April 20, 2001(Fighting money Laundering)
* Offences :

Law No. 318 criminalizes illicit proceeds that are derived from the following offences:
1. The growing, manufacturing, or trading of narcotics.
2. Acts committed by associations of wrongdoers, that are specified by Articles 335 and 336 of the Penal Code, andinternationally identified as organized crime.
3. Terrorist acts, as specified in Articles 314, 315 and 316 of the Criminal Code.
4. To finance or to contribute to the financing of terrorism, terrorist acts, or terrorist organizations, in accordance with the concept of terrorism as defined in the Lebanese Penal Code.
5. Illegal arm trade.
6. The offences of stealing or embezzling public orprivate funds or their appropriation by fraudulent means, counterfeiting, or breach of trust, incumbent on banks, financial institutions, and institutions listed in Article 4 of this Law, or falling within the scope of their activities.
7. Counterfeiting money, credit cards, debit cards or charge cards, or any official document or commercial paper, including checks.
* Money-LaunderingPurposes:
Money laundering is any act committed with the purpose of:
1. Concealing the real source of illicit funds, or giving, by any means, a false statement about the said source.
2. Transferring or substituting funds known to be illegal for the purpose of concealing or disguising their source, or helping a person involved in the offence to dodge responsibility.
3.Acquiring, holding or using illicit funds, or investing such funds in purchasing movable or immovable assets, or in carrying out financial operations, while being aware of the illicit nature of these funds.

* Money-laundering operations may occur in any business especially: 

· Banks 
· Other financial institutions (insurance, mutual funds, etc.) 
· Money exchange firms 
· Antique dealers · Real estate concerns 
· Jewellery dealers .

* Warning Signs:

1. Consecutive transactions with total exceeding the threshold limit.
2. Unjustifiable account activity concerning the size and frequency of transactions.
3. Frequent deposits followed by frequent withdrawals.
4. Exchanging large amounts of small denomination bills for large denominations bills (same ordifferent Currency)
5. Requests for wire transfers or bankers checks in exchange for currency.
6. High volume of bankers' or travelers' checks deposited into an account with no justifiable reasons.
7. Maintaining large number of accounts not commensurate with the type of business.
8. Cashing checks earned from gambling.

* Penalties for non-compliance:


Any person whoundertakes money-laundering operations, or intervenes or participates in such operations, shall be punishable by imprisonment for a period of three to seven years, and by a fine of no less than twenty million Lebanese pounds.

The State shall confiscate any movable or immovable assets that are proved, by a final court ruling, to be related to, or proceeding from, offences listed in Article1 of Law No.318 of 20/04/2001, unless the owners of the said assets prove in court their legal rights thereupon.







II. Anti-Money Laundering Program Elements


1-Procedures,Systems and Controls:

* Institutions not subjected to Banking Secrecy Law 1956:

Institutions not subjected to the provisions of the Banking Secrecy Law of September 3, 1956,including individual institutions, namely exchange offices, financial intermediation companies, leasing companies, mutual funds, insurance companies, as well as companies promoting, building and selling real estate, and merchants dealing with high-value commodities (jewelry, precious stones, gold, art collections, antiques) must abide by the provisions of Law No.318 of 20/04/2001 (on fighting money...
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