Lebanon central bank signs pact with US Advisory Firm K2 Integrity to tackle cash economy, illicit & fraudulent activities – via BBG. Says pact is part of efforts to remove the country from Financial Action Task Force’s gray list and Aims to restore confidence in financial system.
Banque du Liban has signed a cooperation agreement with the American company K2 Integrity, a leader in compliance and financial investigations, in a move aimed at combating illicit activities and enhancing transparency. This agreement is part of the bank’s efforts to exit the “gray list” issued by the Financial Action Task Force (FATF).
In this context, Banque du Liban announced in a statement that it has entered into a cooperation agreement with K2 Integrity, which specializes in global risk management, compliance, and financial investigations. This step is part of the bank’s efforts to curb the expansion of the cash economy and combat all forms of illicit and fraudulent activities.
The bank noted that this step is part of its endeavor to exit the FATF gray list. K2 Integrity will provide the necessary technical and advisory support to adopt and implement measures that enhance Lebanon’s anti-money laundering (AML) and counter-terrorism financing (CFT) systems.
Banque du Liban explained that K2 Integrity has extensive experience advising central banks, governments, commercial and investment banks, financial services companies, and fintech firms in over 100 countries worldwide. Its experts have a deep understanding of international standards, best global practices, and country-specific regulatory requirements, especially in Europe, the Middle East, and Africa (EMEA), including 28 countries that comply with European directives, as well as adherence to U.S. laws against financial crimes such as the USA PATRIOT Act, Bank Secrecy Act (BSA), and Office of Foreign Assets Control (OFAC) regulations.
The central bank emphasized that it will rely on K2 Integrity’s specialized expertise and international presence to develop and implement a detailed action plan aimed at identifying regulatory gaps, closing loopholes, and restoring confidence in Lebanon’s financial system both locally and internationally
ABOUT K2 from their website
K2 Integrity Listed as a Top Investigations Consultancy by GIR 100.
Global Investigations Review (GIR) has named K2 Integrity as a top investigations consultancy in the newest edition of the GIR 100. The publication lists the world’s preeminent cross-border investigations practices as well as a select group of investigations consultancies. This recognition underscores K2 Integrity’s dedication to providing clients with sophisticated, best-in-class advisory services in even the most challenging investigative matters.
