The Place de l’Étoile, in downtown Beirut, where the Parliament is located, not far from the Grand Serail. (Credit: Philippe Hage Boutros/L'Orient-Le Jour)
The legislative process of the bill that amends, once again, the legal framework governing the lifting of banking secrecy is currently proceeding smoothly, following the pace set by the International Monetary Fund (IMF), which has made the adoption of the text by Parliament one of the prerequisites — alongside the restructuring of the banking sector — for resuming negotiations on a financial assistance program. Although the debates preceding a joint commission's approval of the text on Wednesday lasted several hours, the changes made were "limited," according to Assembly Vice President Elias Bou Saab. MPs have maintained the complete and unconditional lifting of banking secrecy for the benefit of the Banque du Liban (BDL) and the Banking Control Commission (BCC), without revisiting the ten-year statute of limitations, which...
The legislative process of the bill that amends, once again, the legal framework governing the lifting of banking secrecy is currently proceeding smoothly, following the pace set by the International Monetary Fund (IMF), which has made the adoption of the text by Parliament one of the prerequisites — alongside the restructuring of the banking sector — for resuming negotiations on a financial assistance program. Although the debates preceding a joint commission's approval of the text on Wednesday lasted several hours, the changes made were "limited," according to Assembly Vice President Elias Bou Saab. MPs have maintained the complete and unconditional lifting of banking secrecy for the benefit of the Banque du Liban (BDL) and the Banking Control Commission (BCC), without revisiting the ten-year statute of limitations,...