Lebanon

Will the House of Representatives Approve the Law on Lifting Banking Secrecy?

Will the House of Representatives Approve the Law on Lifting Banking Secrecy?

The legislative session of the House of Representatives on Tuesday, the first after the parliamentary elections that took place in mid-May, will discuss the law on lifting banking secrecy alongside a large number of other laws and proposals on the session's agenda. The law on lifting banking secrecy is considered one of the reform laws demanded by the International Monetary Fund. The Finance and Budget Committee introduced amendments to it in its session last week, as confirmed by MP Ibrahim Mneimneh after extensive discussions among the members of parliament. He clarified that there were challenges within the committee, and they succeeded in dismantling many obstacles placed on the amendments affecting the law.

It is known that the House of Representatives has approved several laws that touch upon the issue of lifting banking secrecy in some of their articles, such as those regarding illicit enrichment, the formation of the National Anti-Corruption Commission, and other laws related to combating corruption and money laundering. The latest law falls under the jurisdiction of the Special Investigation Commission of the Central Bank of Lebanon, which alone is responsible for this matter and will lift banking secrecy if money laundering is proven.

Parliamentary sources monitoring the situation explained to "Al-Anbaa" that although there are laws that include articles on lifting banking secrecy, the International Monetary Fund insists that there should be a dedicated and independent law apart from other laws discussing this topic. According to these sources, the goal behind this demand is to create a comprehensive and independent law that completely abolishes banking secrecy, as under the guise of banking secrecy, many financial crimes have occurred, including money smuggling, embezzlement, theft, and bribery, and judicial authorities have been unable to ascertain the true financial status of the accused individuals.

The session for the approval of the law on lifting banking secrecy in the House of Representatives is expected to witness heated positions; however, its approval is considered a significant step towards financial and administrative reform, provided that banking secrecy is lifted for all individuals without exception, whether political, security, judicial, or any public employee.

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