Lebanon: Money transfers outside the banking sector can again be cashed in foreign currency

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The Bank of Lebanon has made a directive to the money transfer agencies like MoneyGram, OMT among others that as from January 8, the money sent to customers in Lebanon should be paid in the currency in which they are made as a part of its measures to counter money laundering.

It was reported that this new directive is targeted at redirecting people to money transfer companies in order to have the funds movement traced at least through the companies’ records though this won’t be that easy because of logistical issues that will be affecting payments that are not made in either dollars or euros, hence BDL is expected to shed more light on the easier approach towards solving the supposed risks.