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Wassim Mansouri

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Wassim A. Manssouri
Acting Governor of Banque du Liban
Incumbent
Assumed office
July 31, 2023
Preceded byRiad Salamé
Personal details
Born
Wassim Ahmad Manssouri

November 21, 1971
Alma materMontpellier University
Lebanese University
Signature

Wassim Ahmad Manssouri (also spelled Mansouri) (Arabic: وسيم أحمد منصوري; born November 21, 1971) is a Lebanese lawyer who is the Acting Governor of the Banque du Liban.[1] He was appointed as First Vice-Governor by Decree No. 6475 on June 10, 2020.[2] He assumed the role of Acting Governor under Article 25 of the Code of Money and Credit on August 1, 2023.[3]

In his role, he is supported by the three Vice-Governors[4] and the Central Council. He chairs the BDL Central Council,[5] the Higher Banking Commission,[6] the Special Investigation Commission (SIC),[7][8] and the Capital Markets Authority (CMA).[9][10]

Manssouri serves as a member of the Board of Governors at both the International Monetary Fund (IMF),[11] and the Arab Monetary Fund (AMF).[12]

Career

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Wassim Manssouri is an attorney and the founder of Manssouri & Associates Law Firm (1998–2020).[13]

Manssouri has been a member of the National Committee of the Permanent Court of Arbitration, The Hague (2012–2018),[14] a legal consultant of the Minister of Finance, representing the Minister in the annual and spring meetings of the International Monetary Fund (IMF) and the World Bank Group as well as in the Organization for Economic Co-operation and Development (OECD) meetings (2014–2020),[13] a consultant of the Human Rights Commission at the Lebanese Parliament (2013–2020)[15] and a Board member of the Tripoli Special Economic Zone[16] (April 2015, 2020).[13]

Education

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Manssouri holds a PhD in Public Law from Montpellier University[17] – France and another PhD "Doctorat d'état" from the Lebanese University.[13]

He is a professor in the French section of the faculty of law at the Lebanese University, where he served as the director of the section(2019–2020).[18]

Civil society

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In 2009, Manssouri founded the Lebanese Association of Constitutionalists,[19] which he presided over (2009–2020).[20] The association aims to promote knowledge and awareness in constitutional law, human rights, and democracy.[20]

Manssouri has authored articles and studies in the fields of law, constitution, legislation, political science, and economics. Notably, he conducted a study on Lebanon's Accession to the Global Forum on Transparency and Exchange of Information for Tax Purposes[21], Belgium, 2018.

Central Bank

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In August 2023, Manssouri took over as the interim head of Lebanon's central bank, replacing Riad Salameh.[22][23][24][25] Salameh has been accused of corruption, money laundering and running the largest Ponzi scheme in history; he was additionally labeled "the world’s worst central banker".[26][27][28] He is currently under sanctions by Canada, the United Kingdom and the United States.[29]

Manssouri has discussed policy shifts, such as phasing out the "Sayrafa exchange platform[30]" and stopping government funding[31][32][33] from the central bank without legal backing.[34] Dr. Manssouri emphasizes the need for government reforms and legislative solutions to address the financial crisis and has called for rebuilding trust with depositors to revive the banking sector.[1] He advocates for a collective solution to return frozen bank assets to depositors.[35][36]

Manssouri has expressed a commitment to reforming governance and accounting processes at the Central Bank while ensuring that the institution fulfills its genuine role of maintaining monetary stability.[1][37]

Internationally, Manssouri has been noted for his stance on halting government funding and advocating for monetary stability. He has highlighted the necessity of clear and robust laws to address the banking sector's challenges and has been involved in meetings with international bodies like the IMF and regional stakeholders to discuss Lebanon's economic situation.[37]

Manssouri has been actively working to prevent Lebanon from being added to the Financial Action Task Force (FATF) "grey list".[38] This list includes countries under increased monitoring for deficiencies in combating money laundering and terrorist financing.[39]

FATF listed Lebanon on the list of countries that have not adequately cooperated in the AML and TF in the Fall meetings that took place in Paris on 21-25 Oct.[40] Early international warnings in this regards made Acting Governor initiate to make direct calls with the centers of international financial decision makers to mitigate the automatic implications of such listing. He made acclaimed success in insulating the financial sector by affirming his commitment to the stringent criteria for anti-money laundering.[41]

FATF decision was preceded by wide movement on part of the central bank Acting Governor in the capitals of the international financial decision making, to insulate its effects from cross-border banking transactions, especially with the American corresponding banks, and subsequently, the European ones. The Acting Governor initiated a visit to Washington aiming to revive his direct communications with a group of the largest American corresponding banks that were participating in the semi-annual IMF and World Bank meetings. Then he moved to Paris to participate in FATF meetings as head of the Special Investigation Committee, the national committee charged with AML, and that is a founding member of FATF-MENA, headquartered in Manama, Bahrain.[40]

In October 2024 and despite the intensive Israeli assaults on Lebanon, the Lebanese Eurobond market continued to witness remarkable demand from foreign players in the international financial markets. A banking source attributed this partly to the immunity that the new monetary policies adopted by central bank leadership led by Acting Governor Wassim Manssouri, that had encouraging feedback from decision makers in the foreign markets to keep communication channels with the Lebanese financial sector and its private and public bonds. These policies, according to the same source, have succeeded in a firm management of liquidity, protecting the monetary stability, insulting it from the pressures of the war, and strengthening the foreign currencies reserves, despite the sharp decline in tourism sector inflows.[42]

References

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  1. ^ a b c "Who is Wassim Mansouri, BDL's new acting governor?"[1]. L'Orient Today. 31 July 2023. Retrieved 1 August 2023.
  2. ^ "Governorate Timeline". Banque du Liban. Retrieved 13 Aug 2024.
  3. ^ Code of Money and Credit PDF
  4. ^ https://www.banqueduliban.gov.lb/biographies.php
  5. ^ Article 28 of Code of Money & Credit)
  6. ^ Article 10 of law no. 28/67
  7. ^ https://www.sic.gov.lb/
  8. ^ Article 6 of law 318 of April 20, 2001
  9. ^ https://www.cma.gov.lb/
  10. ^ Article 6 of law 161/2011)
  11. ^ "Lebanon". IMF Connect. Retrieved 16 Aug 2024.
  12. ^ "Board Of Governors | Arab Monetary Fund". Arab Monetary Fund. Retrieved 16 Aug 2024.
  13. ^ a b c d "وسيم منصوري.. محام ومستشار قانوني يحكم مصرف لبنان بالوكالة". Aljazeera.net. 13 Aug 2023. Retrieved 12 Aug 2024.
  14. ^ "Annual Report 2018" (PDF). Permanent Court of Arbitration. 2018. Retrieved 14 Aug 2024.
  15. ^ "ندوة عن دور البرلمان في احترام سيادة القانون وتطبيق الموجبات الدستوريّة وموجبات حقوق الإنسان(28-29شباط)". مجلس النواب. 27 Feb 2013. Retrieved 16 Aug 2024.
  16. ^ "Tripoli Special Economic Zone (TSEZ) Project".
  17. ^ "Faculté de droit et de science politique - Université de Montpellier".
  18. ^ "كلية الحقوق والعلوم السياسية والإدارية - الفرع الفرنسي". Lebanese University. 8 July 2020. Retrieved 12 Aug 2024.
  19. ^ "Conseil Constitutionel Libanais".
  20. ^ a b "مركز الابحاث والدراسات في المعلوماتية القانونية - تأسيس جمعية باسم: "الجمعية اللبنانية للدستوريين"". Lebanese University. 18 June 2009. Retrieved 12 Aug 2024.
  21. ^ Global Forum on Transparency and Exchange of Information for Tax Purposes: Lebanon 2019 (Second Round): Peer Review Report on the Exchange of Information on Request. Organisation for Economic Co-operation and Development. 2019.
  22. ^ Omar Tamo & Dana Khraiche (31 July 2023). "Lebanon Central Bank Deputy to Take Over from Scandal-Hit Head". Bloomberg. Retrieved 24 July 2024.
  23. ^ "Lebanon's Wassim Mansouri, acting central bank governor". Reuters. 31 July 2023. Retrieved 24 July 2024.
  24. ^ Hale, David (14 August 2023). "A New Central Bank Governor Creates an Opportunity for Lebanon, and the US Should Help". Wilson Center. Retrieved 24 July 2024.
  25. ^ "Lebanon Events 2023 - World Report 2024". Human Right Watch. 2024. Retrieved 24 July 2024.
  26. ^ "France opens probe into personal wealth of Lebanon's central bank chief". France 24. 6 June 2021. Retrieved 12 July 2021.
  27. ^ Enders, David. "Lebanon central bank governor summoned for questioning by judge". www.aljazeera.com. Retrieved 12 July 2021.
  28. ^ "The world's worst central banker retires". The Economist. ISSN 0013-0613. Retrieved 2 August 2023.
  29. ^ "US, UK and Canada sanction Lebanon's former central bank governor".
  30. ^ Gebeily, Maya (17 July 2023). "Lebanon's central bank to phase out Sayrafa exchange platform". Reuters. Retrieved 24 July 2024.
  31. ^ "Mansouri: It is time for the banking sector to restore the lending process". Dearborn News. Retrieved 24 July 2024.
  32. ^ Taher, Abbas (3 September 2023). "BDL Acting Governor: I Will Not Use People's Deposits to Lend to the State". Asharq Al-Awsat. Retrieved 24 July 2024.
  33. ^ Mroue, Bassem (25 August 2023). "Lebanon's interim central bank chief vows not to lend money to government, calls for economic reform". Associated Press News. Retrieved 24 July 2024.
  34. ^ "Lebanon's central bank vice governor to take over as interim head". Al Arabiya News. 31 July 2023. Retrieved 24 July 2024.
  35. ^ "Bank deposits restitution: Wassim Manssouri calls for a 'collective solution'". L'Orient Today. 28 September 2023. Retrieved 24 July 2024.
  36. ^ "Mansouri Discusses a New Proposal for Deposits' Categorization". This is Beirut. 18 April 2024. Retrieved 24 July 2024.
  37. ^ a b "Mansouri: BDL Played a Role It Should Not Have Assumed". This is Beirut. 29 September 2023. Retrieved 24 July 2024.
  38. ^ "Gafi 'grey list', Mansouri reports "positive" meetings in Washington". L'Orient Today. 9 July 2024. Retrieved 24 July 2024.
  39. ^ "Mansouri in Washington to stop placing Lebanon on the "gray list"". Dearborn.org. 10 July 2024. Retrieved 24 July 2024.
  40. ^ a b "هبوطٌ ناعِمٌ» للبنان إلى القائمة الرمادية لغسْل الأموال". الرأي. 26 Oct 2024. Retrieved 5 Nov 2024.
  41. ^ زين الدين, علي (25 Oct 2024). "لبنان ينضم "رسمياً" إلى القائمة الرمادية العالمية لغسل الأموال". Aawsat.com. Retrieved 5 Nov 2024.
  42. ^ زين الدين, علي (20 Oct 2024). "سندات لبنان السيادية ترتفع "دولياً" رغم احتدام الحرب". Aawsat.com. Retrieved 5 Nov 2024.
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