After a long battle between banking officials and government officials, the Parliamentary Finance and Budget Committee finally amended the bank secrecy law.
Amending the bank secrecy law was one of the main conditions the International Monetary Fund (IMF) imposed on Lebanon in order to offer much-needed aid.
The Lebanese banking system had worked hard to disrupt the amendment, and they succeeded in doing so for many months.
However, with this amendment in place, it is now easier to combat tax evasion, financial crimes, and bank violations.
Previously, only the Special Investigations Commission headed by Riad Salameh had the power to lift bank secrecy.
However, once the parliament approves this law, the Central Bank of Lebanon (BDL), tax and judicial authorities, and the Banking Control Commission will have the power to lift bank secrecy as well.
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Lebanon's Finance & Budget Committee Approved Bank Secrecy Law Amendment