The be shared with other countries that participated

Topic: Business Law
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Last updated: April 25, 2019

         TheChairman, members, staff and delegates of “the Commission” benefit fromimmunity: they can’t be prosecuted or sued for any civil or criminal liabilityrelated to the performance of their duties. Article 13         If a partyviolates provisions of this Law, they’ll be punished by: – imprisonment for a period varying between two months andone year, and/or – a fine not exceeding one hundred million Lebanesepounds.           “TheCommission” may:- address a warning to these parties and ask them forreports about the measures taken to rectify their situation. – in case of violation, refer them to the Higher BankingCommission.

         The HigherBanking Commission may impose a fine for non-compliance with the regulations,which will go to the benefit of Banque du Liban. Article 14         The movableor immovable assets that are proven to be related to, or derived from, amoney-laundering or terrorist financing offence, shall be confiscated to thebenefit of the State, unless the owners of the said assets prove in a Court ofLaw otherwise.           Theconfiscated assets may be shared with other countries that participated in theinvestigation. Article 17 (Final Provisions)          Theauditors of banks, financial institutions and other companies and institutionsmust: – verify the compliance by all these companies andinstitutions with the provisions of this Law, and – notify the Chairman of “the Commission” of anyviolation thereof.

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          TheMinistry of Justice, the Beirut Bar Association, the Tripoli Bar Association,and the Certified Accountants Association, shall be responsible for verifyingthe compliance by notaries, lawyers, and certified accountants with themeasures stipulated in this Law. Article 18Beirut, November 24, 2015?Promulgated by the Council ofMinisters The President of the Council of Ministers Signed: Tammam Salam.

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