Lebanon's New Financial Era: Central Bank's Pledge to Combat Money Laundering and Economic Crisis

Karim Souaid, Lebanon's new central bank governor, has pledged to combat money laundering, finance longevity, and political independence. His tenure comes as Lebanon grapples with an unprecedented economic crisis fueled by decades of corruption and recent geopolitical strife. Souaid aims to restructure the banking sector and prioritize returning deposits to citizens.

Lebanon's newly appointed central bank governor, Karim Souaid, has declared a robust stance against money laundering and the financing of terrorism, with a commitment to maintaining the institution's independence from political interference.

Souaid, officially instated in Beirut, vowed to overhaul the banking sector, address public debt, and ensure the repayment of funds to depositors. His leadership unfolds amid Lebanon's profound economic turmoil, exacerbated by longstanding corruption and recent geopolitical events, including a costly conflict between Israel and Hezbollah.

With Lebanon marked by years of economic distress and now on the FATF 'grey list', Souaid emphasizes the importance of integrating international laws, tackling financial crimes, and rebuilding confidence in the banking system by returning deposits, particularly to smaller account holders.

(With inputs from agencies.)