Lebanese Parliament suspends bank secrecy … but the lesson is in implementation

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Last Monday, the Lebanese Parliament passed a law stipulating the suspension of bank secrecy for one year, paving the way for re-launching criminal scrutiny of central bank accounts.

The expert in geopolitical and economic affairs, Dr. Pierre Azar, said, in an interview with the “Window to Lebanon” program, in this regard, that there is no doubt that this law, which was approved yesterday by Parliament, on the possibility to lift bank secrecy for a year, but specified a very precise word, link The process of lifting the secrecy in what is known as a forensic audit, which means that bank secrecy cannot be removed from the accounts of people who do not participate in the audit process.

Azar points out that this point is very sensitive and important, because Lebanon is proud of the bank secrecy law enacted in 1956. What is surprising in this regard is that the implementation of this order is linked to the government, and what the government wants in terms of criminal audit.

Azar pointed out that this process cannot be linked to the executive branch, because it can make discretionary decisions, and there must be a delicate correlation between income to the central bank and then to the departments, public interests and ministries, for this to lead to the desired result.

Details in the audio file attached to this page …

Prepared and presented by: Emad Al-Tufayli