The ousting of the Assad regime in December 2024 has opened a window to reassess existing sanctions. While the EU and UK have lifted most of their sanctions, the US has issued ad-hoc instruments such as General License 25 and temporary suspensions of the Caesar Act. As a result, Syria’s banking sector remains largely isolated from the global financial system. Drawing on interviews with Syrian bankers and compliance experts, this report evaluates the extent to which sanctions have contributed to the deterioration of the banking sector and explores pathways for reintegrating the country into the international financial system. It proposes a roadmap built on the enforcement of UN conventions, adherence to the Wolfsberg Group’s Transparency Principles and FATF standards, and enhanced coordination and capacity-building efforts with the IMF and the World Bank.
