The Banking Executive Magazine - July Issue 2021

Evolution of the Lebanese Banking Sector Legitimacy poral brackets which were identified based on the critical events over the period under study. Period I [1997- 2001] starts with the emergence of the first “convention” in the Lebanese banking sector for fighting money laundering, and ends in 2001 which witnessed the harsh US regu- lations for fighting terrorism financ- ing after the attacks of September 11 on the United States. Period II [2002 – 2010] is the period which pre- ceded the collapse of theLebanese Canadian Bank (LCB) due to viola- tion of US regulations, and which was characterized by the evolvement of US regulations and the heightened US pressures on the Lebanese bank- ing sector. Finally, Period III [2011 – 2018] starts with the year 2011 which was a turning point in the ISSUE 151 JULY 2021 the BANKING EXECUTIVE 9