The head of the Association of Banks in Lebanon stressed on Thursday that Arab banks are now facing great dangers that take them away from their normal bank activities, foremost among which are money laundering, financing terrorism and exchange of tax information.

Joseph Torbey, speaking at the opening session of the conference of the Union of Arab Banks, said Arab banks should learn how to deal with these geopolitical developments in addition to problems of correspondent banks in the US, declining liquidity in main markets and rising of emerging economies.

He made clear that the past five years have dramatically changed the scene in the Arab region from a period of total sopor to a period full of turbulence, unrest and wars.

These changes cost the Arab countries around 600 billion dollars in terms of economic activities amid expectations of continued decline of growth rate, growing poverty and unemployment rates, rising public debts and more corruption, he said.