Financial crimes on the rise 597 cases reported. Embezzlement is the most reported crime

The number of money laundering and terrorism financing crimes reported to the Central Bank's Special Investigation Commission (SIC) increased 27 percent to 597 cases in 2017.

Nearly 80 percent of the cases were reported by local entities with the remaining 20 percent received from foreign entities.

The SIC has so far investigated 514 of these cases, or 86 percent of the total. It has referred 250 of the investigated cases to the General Prosecutor and to requesting authorities. The...

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Lebanese-Australian buys five pct of Bank of Beirut. Stake acquired for $57.3 million

Sarkis Nassif, CEO of Australia-based Holdmark Real Estate Property Group, will acquire five percent of Bank of Beirut for $57.3 million.

The bank will issue 3.05 million new common shares to Nassif at the current market price of $18.8 per share, a source said.

The conclusion of the deal requires the Central Bank's approval.

Salim Sfeir, the bank's Chairman, said the move is part of Bank of Beirut's expansion policy and that cooperation with Nassif "will allow us to foster f...

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Government plans $700 million bond issue. Move to unlock $4 billion in funding for infrastructure

The government plans to issue within one month special bonds on the local market in order to raise $700 million, said Nadim Munla, senior adviser to the Prime Minister.

This move will help the State unlock additional funding of $4 billion for 40 infrastructure projects from international financial institutions such as European Investment Bank and the World Bank. The $700 million represents the local contribution necessary to unlock these loans.

There has been an agreement between ...

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Fransabank to lend $150 million for energy. Bank will issue ‘green’ bonds

Fransabank plans to launch a $150 million program to finance local projects in the renewable energy sector and that targets energy efficiency, said Adnan Kassar, the bank's Chairman. "This is part of Fransabank's Green Strategy," he said.

The issuance of the first series of the program's 'Green Bonds' will be announced soon and will amount to $60 million, he said.

The European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC) will subs...

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Banks required to apply the Liquidity Coverage Ratio. Decision is part of Basel III requirements

The Central Bank (BDL) has instructed banks to apply the Liquidity Coverage Ratio (LCR) on their local and overseas operations, according to a new basic circular.

The LCR, which is one of the Basel III requirements, must be calculated separately for each significant currency. A currency is considered significant if it represents five percent or more of a bank's total liabilities.

According to the circular, BDL's Banking Control Commission (BCCL) will issue the relevant instructions...

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