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Cablegate: A/S Wayne's Meeting with Fahim Moudad, Deputy

This record is a partial extract of the original cable. The full text of the original cable is not available.

UNCLAS OTTAWA 001865

SIPDIS

SENSITIVE

FOR EB
DEPARTMENT PLEASE PASS USTR

E.O. 12958: N/A
TAGS: ECON ECIN EFIN ETRD EINV ETTC PREL PTER LE XF
SUBJECT: A/S WAYNE'S MEETING WITH FAHIM MOUDAD, DEPUTY
GOVERNOR, BANQUE DU LIBAN


1. (SBU) Summary: During a bilateral meeting held June 25
on the margins of the International Arab Banking Summit in
Montreal, A/S Anthony Wayne and Fahim Moudad, Deputy Governor
of the Banque du Liban, discussed the fight against terrorist
financing; cooperation on Iraq; and the Lebanese economy and
implementation of Paris II. End summary.

Cooperation on Combating Terrorist Financing, Tracking Iraqi
Assets Will Continue
--------------------------------------------- ---------

2. (SBU) A/S Wayne thanked Moudad for his strong support in
the fight against terrorist financing and for Lebanon's solid
cooperation in freezing Iraqi Assets. Moudad responded that
"we do our duty," adding that it (participation in the
international effort) is important to Lebanon's financial
system. He was extremely receptive to the possibility of
assisting the forensic accountants sent by the Iraqi Central
Bank, saying the new Governor "can ask for anything" and
Lebanon will respond.

New Anti-money Laundering Law has Passed
----------------------------------------
3. (SBU) Asked the status of Lebanon's anti-money laundering
law, Moudad said it has been passed and is working well. He
explained that the independent Special Investigation
Commission provided for in the law has been very effective,
and he confirmed that banks are reporting suspicious
transactions to the SIC. Asked if the USG could provide any
assistance, he reiterated that systems to prevent
money-laundering and terrorist financing are functioning
well.

4. (SBU) Asked his views on the economic situation, Moudad
said stability is important to investors and to banks. The
Central Bank is working to keep confidence in the financial
system, and he expects to meet requirements of Basel II
within 2-3 years. He confirmed that Paris II implementation
is off to a good start, and that the drop in interest rates
from 14%-8%, reflects market confidence. The GOL needs to
keep the budget deficit under control and to focus on
privatization and securitization. (He did not go into detail
on privatization plans.)

5. (U) A/S Wayne cleared this cable.


CELLUCCI

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