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The impact of Money Laundering on the Middle East Market according to Tony Abi Saab



Before discussing the impact of money laundering, let us define the process by which the illegal origins of assets acquired or produced by criminal activities are covered to hide the link between the funds and the criminal behavior.
Money laundering has disastrous consequences related to the economy, society, and corporate reputation. Meanwhile, the funds are often a result of bribery, drugs smuggling, human trafficking, illegal arms trade and terrorism funding.
Corruption and trade mispricing, provide examples of how certain procedures and systems facilitate the flow of illegal funds.
Since the term Money Laundering is overused in Lebanon, the Middle East and the Gulf countries and as a managing partner of a Lebanese company that has connections in the Middle east and European market, we emphasis on due diligence and investigate on who we are dealing with before closing any deal or signing any contract.
In the fight against Money Laundering, banks and the public sector are investing to improve data collection and analysis by integrating new digital infrastructure and upgrading the systems to improve efficiency.

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