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Arab Economic Forum June 2014

Arab Economic Forum June 2014. Abdul Hafiz Mansour Secretary SIC. Changing Regulatory Environment. Regulators Pushing harder Unprecedented Penalty levels Widening AML scope to include: Financial Regulations Corruption Tax Evasion. Recent Enforcement Actions.

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Arab Economic Forum June 2014

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  1. Arab Economic ForumJune 2014 Abdul Hafiz Mansour Secretary SIC

  2. Changing Regulatory Environment

  3. Regulators Pushing harder • Unprecedented Penalty levels • Widening AML scope to include: • Financial Regulations • Corruption • Tax Evasion

  4. Recent Enforcement Actions • Citi e $10Bn market manipulation • BNP e $5-10 Bn • Credit Suisse, $ 2.6 Bn - Tax evasion • JP Morgan, $ 2.05 Bn - AML • HSBC Holdings, $ 1.9 Bn - AML • UBS, $ 1.5 Bn – Libor manipulation • Standard Chartered, $667 Mn - AML • Barclays, $ 453 Mn - Libor

  5. Current Regulatory Enforcements • Predominantly Administrative & Civil, resulting in financial penalties against the Firms • Faster results, closing the cases through financial settlements: • Large Firms with large means to litigate • Successful Litigations after a long time weaken the impact of enforcment • Negative impact of successful Criminal proceedings on the firm and ultimately the system

  6. New Regulatory Trends • Regulators realized that Fining Firms has not resulted in the required change in practices • Hold individuals accountable for Regulatory violations • In the US a new bill in in the making • In the UK , more advanced steps in recognizing “ Senior Persons Regime” i.e. the group of senior managers which need to be held to a higher standard of behavior • FSB are working in the same direction to enhance corporate governance

  7. Long Reach of the US law & Regulations

  8. Speaker Contact information: Abdul Hafiz Mansour Special Investigation Commission Central Bank of Lebanon Masraf Loubnan Street , Beirut - Lebanon Email: secretary @sic.gov.lb www.sic.gov.lb

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