Building on the success of the MEAB
scheme since it began in the summer term of 2008, a total of 172 settings have been accredited and 19 reaccredited.
also announced last month the expansion of their executive management team to include Mr.
But the report did not name MEAB in the report nor did it suggest that the Lebanese monetary authorities take any sort of action against the bank.
Central Bank Governor Riad Salameh repeatedly said that MEAB is fully complying with all anti money-laundering and terrorist-funding measures, adding that the bank is functioning normally in Lebanon.
Salameh told a TV station that this case would have no impact on the Lebanese banking sector, noting that MEAB is financially sound and has not committed any violations.
But liquidating the bank is not expected to happen anytime soon because most banks in Lebanon are not too keen to buy the assets of MEAB.
The good news about the case of Kassem Hejeij and MEAB is that it cannot be compared to the notorious dismantling of the Lebanese Canadian Bank on the basis of money laundering allegations by the US treasury more than four years ago, says Paul Morcos, a Beirut-based lawyer and consultant specialized in banking.
According to Morcos if MEAB itself had been accused, it would also in the Hejeij case have led to "catastrophic results" beginning with a total shutdown of all correspondent banking relationships.
The lawyer said no one raised the issue of selling the assets of MEAB to another bank.
He also alleged that some Lebanese banks have taken advantage of the case to encourage the depositors of MEAB to withdraw their accounts and deposit them elsewhere.
While doing so, MEAB
management lit the boosters on a new image building effort and proactive communications approach with a July 15 dinner for Lebanese media bigwigs.
However, the banker believed that MEAB
was not in any immediate threat and it could still conduct business and transactions, but only in Lebanese currency.