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France hosted a donors’ conference for Lebanon last month that raised $1 billion dollars. Having  failed to exert the slightest influence on the situation in the region, this was the least the international community could do to ease its conscience.

Poor Lebanon, trapped in a conflict not of its own making, where much of the population has become hostages, mere spectators to a worsening crisis.

The Cedre Conference in 2018 to support Lebanon’s reconstruction efforts gathered 48 countries and organizations, along with key representatives from the private sector and civil society. Despite many promises, few tangible results were achieved.

Among the many failings of Lebanon, now a state in name only, are its absence of functioning institutions, poor governance, and endemic corruption. The explosion at the port of Beirut revealed a country without leadership, where no one was truly in charge. What remains are ruins and grieving families. This catastrophe laid bare the deep dysfunctions of the Lebanese state — rife with corruption, negligence, and incompetence, which allowed the reckless accumulation of ammonium nitrate.

Last month the Financial Action Task Force, the global authority on combating money laundering and terrorist financing, decided to put Lebanon back on its “grey list.” This designation applies to countries with insufficient anti-money laundering and counter-terrorism financing measures. After being removed from the list eight years ago, Lebanon now returns, amid an escalating national crisis.

The task force has deemed Lebanon’s risk assessment system for money laundering and terrorist financing outdated and incomplete. It is calling for stricter oversight of the financial sector and regulated professions. Lebanon is now under “enhanced supervision” and has two years to implement task force’s action plan.

It is surprising that Lebanon wasn’t added sooner, considering the complete absence of financial governance, widespread corruption at every level, and, most critically, Hezbollah’s close ties to Iran — a nation already on the blacklist.

Financial Action Task Force has deemed Lebanon's risk assessment system for money laundering and terrorist financing outdated and incomplete

Nathalie Goulet

We recall the protests that erupted after the Beirut port explosion, as citizens vented their fury over the country’s institutional decay. Now, this decision has hammered yet another nail into the coffin of the country of the cedars.

What will become of the promised funds? How will international donations be handled if they arrive? How can we prevent the seemingly inevitable embezzlement and ensure full transparency, so the funds reach their intended destination?

We need a structured approach and effective tools — a dedicated task force for oversight and monitoring. One possible solution could be deploying international civil servants to recipient countries. Although exact figures are difficult to obtain, the French Ministry of Foreign Affairs estimates that more than 190,000 civil servants and related personnel are employed across approximately 180 global organizations. Wouldn’t it be possible to coordinate local NGOs and international organizations, such as development aid agencies and major foundations, on a regional scale to establish this monitoring task force?

The UN secretariat employs about 38,000 individuals from its 193 member states. This number is supplemented by personnel from major programs, funds, and specialized agencies, along with 112,000 field staff.

The decision to place Lebanon on the grey list could be a step forward, but it will compel the country’s leaders to implement decisive measures and regain control over banking institutions, which have been mired in scandal and looting.

Lebanon is a land of rich culture and ancient writing, the cradle of monotheistic religions. The world cannot afford to turn its back on the country. Without support, it risks becoming a failed state in the heart of the Middle East, susceptible to unprecedented and destabilizing violence.

Regaining control of financial flows is undeniably a crucial step toward restoring the country. We owe the Financial Action Task Force our gratitude for issuing this much needed wake-up call.

• Nathalie Goulet is a French senator for the Orne department in Normandy and the author of ‘An ABC of Terrorist Financing,’ published by Cherche-Midi. X: @senateur61