‘Lebanon is a financial hub for banking activities in the Middle East and Eastern Mediterranean and has one of the sophisticated banking sectors in the region' as stated in the U.S. Department of State's International Narcotics Control Strategy Report in 2014 . The Lebanese banking sector and Lebanon's financial market are threatened by money laundering and financing of terrorism, which negatively affects the growth of the country's economy. Such money laundering and financing of terrorism challenges have either national (e.g., black market for cigarettes, cars, counterfeit consumer goods, pirated software, CDs and DVDs, and illicit narcotics trade) or international sources (e.g., influx of remittances from expatriate works and family members, foreign criminal activities and organised crime).