Lebanese President Michel Aoun. (Credit: Dalati and Nohra)
BEIRUT — Lebanese President Michel Aoun signed on Saturday a law lifting banking secrecy passed by Parliament on Oct. 18.
The text of the law is criticized by experts, who say it is designed to maintain banking secrecy under deceptive appearances and protect the banking sector in Lebanon, despite the country's ongoing economic crisis.
An earlier version of the text, voted on July 26, was sent back to Parliament by Aoun for several reasons, including the ambiguity of its retroactive effects on the statute of limitations for legal offenses.
The referral was welcomed by the International Monetary Fund (IMF), which made several remarks against the law. The IMF signed an agreement with Lebanon to provide $3 billion in financial aid over four years, provided that several economic recovery reforms, including the end of banking secrecy, are adopted.
In addition to the text on banking secrecy, Aoun signed a law opening credits related to a World Bank loan of $150 million to help import wheat to Lebanon, which has been severely impacted by the crisis and fallout of the Russian invasion of Ukraine.
Aoun also received Deputy Prime Minister Saade Chami, who briefed him on the outcome of his visit to Washington, where he met with World Bank officials.
A statement issued by Baabda Palace said Aoun and Chami "discussed the reforms adopted and those that have not yet been adopted, for the implementation of the agreement with the IMF."