“RED TV”
Anti-financial crimes expert Nader Timani warned of the widespread repercussions of money laundering and the inflation of the monetary mass circulating outside the banking sector, considering that addressing these issues cannot be done without restructuring the banks, restoring confidence in the financial system, and imposing real control over the movement of funds and their actual beneficiaries.
In an interview on the “3:15 Economy” program on RED TV, Timani explained that the funds used in money laundering operations are from illicit sources, and may result from trafficking in drugs, weapons, or people.
He pointed out that the aim of these operations is to introduce illicit funds into the financial sector, in preparation for their later use in legitimate or illegitimate transactions, pointing out the possibility of establishing fictitious companies whose actual owners are difficult to reach, and using them as a cover to carry out money laundering operations.
Timani stressed that these crimes do not remain confined to a narrow financial scope, but rather directly affect the lives of citizens, as their perpetrators evade paying taxes and do not pump their money into the economy, which leads to the absence of equal opportunities among citizens.
In the context of his talk about previous financial policies, he said that the “Sarfa” platform affected the Lebanese by having some people enter their money at a certain exchange rate, then take it out at another rate.
He touched on the role of the Special Investigation Commission, explaining that it issued a guide for gold traders with the aim of verifying that no transactions are carried out for the benefit of persons linked to illegal organizations.
Timani believed that Lebanon’s inclusion on the gray list came as a result of the high volume of cash circulating outside banks, the absence of real and effective oversight to determine the owners of economic rights, in addition to the failure to hold perpetrators of financial crimes accountable.
He stressed that the crisis in the monetary supply circulating in cash will not be resolved without restructuring the banking sector and restoring confidence in it, considering that this step constitutes the basic gateway to returning funds to the regulated financial system.
He pointed out that the Special Investigation Commission was supervising banks, calling for identifying the banks that are able to continue based on the size of their capital, and those that should be merged with other banks.
Regarding the reconstruction file, Timani warned against repeating previous experiences, explaining that using contractors in these projects may lead to raising the volume of spending above the actual cost.
He stressed the need to impose strict control on any aid allocated for reconstruction, to ensure that it is spent according to its actual value and to prevent its exploitation or waste.
According to Timani, restoring confidence in the financial sector does not begin only with restructuring the banks, but also with activating accounting and oversight and revealing the owners of economic rights, ensuring Lebanon’s transition from a monetary economy outside of controls to a more transparent and fair financial system.
