Lebanon has been added to the global anti-money laundering watchdog's “grey list” of countries that are subject to increased monitoring of financial transactions.
The decision by the Financial Action Task Force comes as the war between Hezbollah and Israel has killed about 2,500 people and displaced about 1.4 million in Lebanon. The country has been struggling since 2019 with one of the worst economic crises in modern history, which has been blamed on decades of corruption and financial mismanagement by the country's elite.
Elisa de Anda Madrazo of Mexico, which currently holds the FATF's rotating presidency, said it was not a punitive measure and was part of the process of helping countries develop action plans to make improvements.
“Of course, we recognise the extremely grave situation that Lebanon is currently facing,” she said.
Lebanese caretaker Prime Minister Najib Mikati said the listing was “expected, considering the known circumstances, which hindered the establishment of the required legislation and financial reforms”.
“Lebanon will continue to co-operate” with the FATF and will follow up on the move to have it reversed, he added.
Ms Madrazo said “there was a degree of flexibility granted to Lebanon as it relates to the deadlines set in the action plan”.
“Lebanon's status on the grey list should not impede relief efforts. We are working to make sure that channels of humanitarian aid remain open,” she added.
The FATF noted that Lebanon had made some progress since May 2023, including “through issuing a circular for banks and financial institutions to establish a department dedicated to combating bribery and corruption-related crimes and guidance on politically exposed persons, while taking measures against unlicensed financial activity”.
Even before the year-long conflict broke out between Israel and the Lebanese armed group and political party Hezbollah, Lebanon was largely failing to implement reforms demanded by the International Monetary Fund in order to access a bailout.
The war has further hampered the reform process, and exacerbated the challenges that the country's ailing economy was struggling under.
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
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How Apple's credit card works
The Apple Card looks different from a traditional credit card — there's no number on the front and the users' name is etched in metal. The card expands the company's digital Apple Pay services, marrying the physical card to a virtual one and integrating both with the iPhone. Its attributes include quick sign-up, elimination of most fees, strong security protections and cash back.
What does it cost?
Apple says there are no fees associated with the card. That means no late fee, no annual fee, no international fee and no over-the-limit fees. It also said it aims to have among the lowest interest rates in the industry. Users must have an iPhone to use the card, which comes at a cost. But they will earn cash back on their purchases — 3 per cent on Apple purchases, 2 per cent on those with the virtual card and 1 per cent with the physical card. Apple says it is the only card to provide those rewards in real time, so that cash earned can be used immediately.
What will the interest rate be?
The card doesn't come out until summer but Apple has said that as of March, the variable annual percentage rate on the card could be anywhere from 13.24 per cent to 24.24 per cent based on creditworthiness. That's in line with the rest of the market, according to analysts
What about security?
The physical card has no numbers so purchases are made with the embedded chip and the digital version lives in your Apple Wallet on your phone, where it's protected by fingerprints or facial recognition. That means that even if someone steals your phone, they won't be able to use the card to buy things.
Is it easy to use?
Apple says users will be able to sign up for the card in the Wallet app on their iPhone and begin using it almost immediately. It also tracks spending on the phone in a more user-friendly format, eliminating some of the gibberish that fills a traditional credit card statement. Plus it includes some budgeting tools, such as tracking spending and providing estimates of how much interest could be charged on a purchase to help people make an informed decision.
* Associated Press
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
