Legal pursuit continues
against BDL embezzlers

Central Bank says its mission is to advise – not to enact laws

In a statement issued today, the Central Bank (BDL) announced that it is continuing to pursue legal action in coordination with specialized law firms in various European and foreign jurisdictions aimed at prosecuting individuals and entities — directly or indirectly affiliated with BDL — who are suspected of embezzling funds or engaging in illicit enrichment during their tenure at the institution.

In a related development, global consulting firm Alvarez & Marsal has received all the necessary information from BDL to complete the first phase of its mandate with the Ministry of Finance. BDL reiterated its full cooperation should the government decide to broaden the scope of the audit, underscoring its commitment to transparency.

BDL stated that it continues to work closely with the government and parliamentary committees to review aspects of proposed laws. The objective is to ensure alignment with existing banking regulations, while safeguarding the central bank's independence and preserving its statutory powers.

The central bank also welcomed the opportunity to meet with key stakeholders in Lebanon’s economic recovery — including depositors’ committees, the Association of Banks in Lebanon, and business groups. During these meetings, the Governor is outlining the broad principles and strategic direction the bank intends to adopt to achieve sustainable financial balance. It cautioned the public against speculating on specific measures that go beyond its stated framework, emphasizing that any such reports are purely speculative and do not represent its official position.

Finally, the bank reaffirmed that it neither proposes nor enacts laws. In line with Article 70 of the Code of Money and Credit, BDL’s role is to advise the government, as stipulated in Articles 71 and 72, and to implement laws once they are passed by Parliament.