Lebanon amends banking secrecy law in key reform

The amendments voted by Parliament should shed light on the responsibilities in the collapse of the national currency in 2019. The opacity offered to the banking system, a real national totem, contributed to the country's golden age in the 1950s, before encouraging embezzlement after the civil war.

Lebanon amends banking secrecy law in key reform

Lebanon's parliament on Thursday granted regulatory bodies greater access to bank account information, a key reform demanded by international creditors before the crisis-hit country can unlock bail-out funds. Prime Minister Nawaf Salam called parliament's approval of changes to banking secrecy laws "a necessary step towards the desired financial reform that our government promised to achieve, and a fundamental pillar to any recovery plan". Addin…

Lebanese Parliament approves landmark amendments to banking secrecy law for financial reform - Syriac Press

BEIRUT — In a major move toward financial reform, the Lebanese Parliament has unanimously approved significant amendments to the Banking Secrecy Law, garnering 87 votes in favor. The revised version of Article 3 completely lifts banking secrecy without restrictions, granting full access to banking information for the Central Bank of Lebanon, the Banking Control Commission, and officially appointed auditors or independent evaluators. The new law …

Prime Minister Dr. Nawaf Salam said in a post on the “X” platform that “the approval by the House of Representatives of the government's draft on bank secrecy is a necessary step towards the desired financial reform that our government has pledged to achieve. It is a basic pillar of any recovery plan and allows the distinction between legal and illegal funds. It also opens a new page on the path to stopping tax evasion and combating...

Meeting in Parliament since 11 a.m., Lebanese deputies approved on Thursday the draft law on the lifting of bank secrecy in Lebanon, which had been validated by the joint commissions on 16 April.