The Lebanese Parliament met on July 31, 2025. (Credit: Nabil Ismail)
Nearly six years after the start of the financial crisis, the final version of the bank resolution law — passed by Parliament on July 31 — was published in the Official Gazette on Thursday, Aug. 7. Considered an essential prerequisite for restructuring the banking sector and resuming its activity, the law is part of a package of major reforms sought by the International Monetary Fund (IMF). These include the revision of the banking secrecy law, already adopted; a draft amendment to the law on money laundering and terror financing, submitted to lawmakers; and, most importantly, the bill to address the “financial hole,” now being developed.The IMF, which intervened during the legislative process to recommend amendments, welcomed the adoption of the long-awaited resolution law. But a close reading shows that while some of its comments on...
Nearly six years after the start of the financial crisis, the final version of the bank resolution law — passed by Parliament on July 31 — was published in the Official Gazette on Thursday, Aug. 7. Considered an essential prerequisite for restructuring the banking sector and resuming its activity, the law is part of a package of major reforms sought by the International Monetary Fund (IMF). These include the revision of the banking secrecy law, already adopted; a draft amendment to the law on money laundering and terror financing, submitted to lawmakers; and, most importantly, the bill to address the “financial hole,” now being developed.The IMF, which intervened during the legislative process to recommend amendments, welcomed the adoption of the long-awaited resolution law. But a close reading shows that while some of its...
'American sponsorship is a guarantee,' says Lebanese-American coordination committee