One of Kheireddine’s most essential tasks as Chairman & CEO of AM Bank was to update the Lebanese Anti-Money Laundering Law. This law is critical to the safety and security of Lebanese businesses, individuals, and financial institutions. Marwan Kheireddine took on this challenge with a sense of urgency as money laundering threats to Lebanon’s economy continue to grow.
To protect Lebanese business owners and their assets, he appointed a committee chaired by Prime Minister Saad Hariri to develop a new anti-money laundering policy. The Cabinet approved the draft law on July 28, 2017, and became effective on October 1, 2017. The new anti-money laundering law improves upon the provisions of the previous law, ensuring that Lebanese businesses can flourish while limiting anonymous money laundering.
Supporting economic growth through empowerment of the private sector
An essential part of Kheireddine’s mandate was to empower the Lebanese private sector. He accomplished this by implementing several policies that promoted economic development. Kheireddine directed AM Bank to become one of the leading commercial banks in Lebanon and support sustainable economic growth.
He also successfully pushed through several new regulations that promote market transparency and accountability within Lebanon’s banking sector. Kheireddine’s commitment to empowering the Lebanese private sector has paid off stronger financial performance and more sustainable economic growth.
Breaking new ground
Banque du Liban Circular 331, which Marwan Kheireddine spearheaded, is a landmark regulation that breaks new ground by allowing the private sector to finance entrepreneurs. This will help to spur economic growth and create more jobs in Lebanon. By supporting entrepreneurship, Banque du Liban Circular 331 will help to promote sustainability in Lebanese businesses.
Drafting and securing government approval of Cross-Border Cash Limitation Law
Marwan Kheireddine was also instrumental in securing government approval of the Cross-Border Cash Limitation Law. The law, which was first proposed in March 2013 and passed by the Lebanese Parliament in May 2013, limits the amount of cash that can be transferred across the borders of Lebanon and Syria. The law has been criticized by some business owners, who argue that it will drive up prices on goods and increase smuggling activity. Learn more: https://www.usek.edu.lb/en/board-of-trustees/mr-marwan-kheireddine