The Cabinet, chaired by Prime Minister Nawaf Salam, meets at the Grand Serail, March 2, 2025. (Credit: NNA)
Prime Minister Nawaf Salam took to X after Parliament adopted the banking secrecy amendment on April 24: “This is a necessary step toward the long-awaited financial reform, a key pillar of any recovery plan,” he wrote. “This amendment allows for a distinction between legitimate and illicit funds and marks a new chapter in the fight against tax evasion, corruption, and money laundering.”The prime minister has repeatedly affirmed — especially during meetings discussing banking issues and deposits — his commitment to the principle of distinguishing between legitimate and illegitimate deposits. This distinction is intended to enhance accountability and financial transparency in an effort to address the approximately $72 billion in losses within the financial sector.The idea is to offer better protection to legitimate depositors and increase...
Prime Minister Nawaf Salam took to X after Parliament adopted the banking secrecy amendment on April 24: “This is a necessary step toward the long-awaited financial reform, a key pillar of any recovery plan,” he wrote. “This amendment allows for a distinction between legitimate and illicit funds and marks a new chapter in the fight against tax evasion, corruption, and money laundering.”The prime minister has repeatedly affirmed — especially during meetings discussing banking issues and deposits — his commitment to the principle of distinguishing between legitimate and illegitimate deposits. This distinction is intended to enhance accountability and financial transparency in an effort to address the approximately $72 billion in losses within the financial sector.The idea is to offer better protection to legitimate depositors...