Banking secrecy
lifted for one year

Parliament’s decision allows forensic

audit of Central Bank and ministries

Parliament has approved a law to lift the banking secrecy on the accounts of the Central Bank (BDL), ministries, and public administrations for one year.

Lifting the banking secrecy will allow the planned forensic audit to cover BDL, ministries, and public administrations, said MP Ibrahim Kanaan, Chairman of the Finance and Budget Parliamentary Committee.

The caretaker Cabinet, or a new Cabinet, will have to contract a new company to carry out the forensic audit after Alvarez & Marsal (A&M) decided to terminate the forensic audit agreement with the Ministry of Finance.

Kanaan said that a new Cabinet is required as soon as possible because this is necessary for implementing the law as part of efforts to boost transparency and combat corruption.

A&M, which was hired to carry out the forensic audit of BDL, said last November that it was not able to obtain the necessary information and documents to start audit work. Governor of BDL Riad Salameh had said earlier that some information was subject to the banking secrecy law and cannot be disclosed.