SAWT BEIRUT INTERNATIONAL

| 23 May 2022, Monday |

In response to IMF requests, banking secrecy is jeopardized

With the conclusion of an agreement with the International Monetary Fund, and among the requirements agreed to be adhered to by the executive and legislative authorities to convert the initial agreement formula into a financing program of $3 billion over four years, the government is considering lifting the country’s “banking secrecy” system, which has been in place for more than six decades.

What is the significance of enforcing this rule now in battling pervasive corruption since the start of the economic crisis?

For many years, this law was successful in attracting both domestic and international funds, boosting trust in the national economy and financial system, and stimulating both domestic and foreign investment. What impact would lifting banking secrecy have on banking activity?

Amending this statute is unavoidable since it is a fundamental demand of the International Monetary Fund… Today, the decision shall be taken by the Lebanese Parliament… Would it vote on the amendments that the government has referred to it?

 

    Source:
  • Sawt Beirut International