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In its first legislative session since the 2022 elections, the Lebanese Parliament approved the draft law to amend the Bank Secrecy Law.
This law amendment, which was approved by the Finance & Budget Committee, allows the Central Bank of Lebanon (BDL), tax and judicial authorities, and the Banking Control Commission to lift bank secrecy.
It was also one of the conditions set by the International Monetary Fund (IMF) in order to unlock billions of dollars in aid to help tackle the economic challenges Lebanon is facing.
Unfortunately, however, the parliament managed to add some dubious clauses to the law before approving it.
Banks that fail to provide the required information requested by the authorities will now get reduced penalties.
Moreover, the law does not mention a retroactive effect, therefore, banking information dating back to before July 26th can not be examined.
These clauses may obstruct the IMF agreement with Lebanon and therefore further delay aid to help the collapsing Lebanese economy.