Parliamentary committees approve banking secrecy, monetary law amendments with minor changes
Lebanon's joint parliamentary committees have approved amendments to the banking secrecy law and the Code of Money and Credit, as submitted by the government, with only minor changes.
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Lebanese Finance Minister hails parliamentary backing for banking secrecy passage
Lebanese Finance Minister Yassine Jaber expressed satisfaction with the parliamentary support granted to the amended banking secrecy law, particularly following its approval with retroactive effect for ten years and a key revision to Article 3. The amendment, which updates Article 150 of the Code of Money and Credit, now explicitly allows the lifting of banking secrecy for "auditors and administrators appointed in accordance with legal procedures by the Banque du Liban (BDL) or the Banking Control Commission." This replaced the original phrasing—"any third party"—which lawmakers had removed during previous joint committee sessions. Sources confirmed that Minister Jaber had been working on the revised language since the previous day, holding consultations with officials from the International Monetary Fund (IMF). These discussions ultimately led to the adopted changes, which are critical in aligning Lebanon's banking reforms with international standards.
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Parliament approves amendments to banking secrecy, monetary law
NNA - The Lebanese Parliament on Thursday passed the draft law submitted under Decree No. 103, amending Article 7 (e) and (f) of the Banking Secrecy Law of September 3, 1956, as well as Article 150 of the Code of Money and Credit dated August 1, 1963, as amended by Law No. 30 of November 8, 2022. The vote was conducted by roll call, with 87 members voting in favor and 13 against.
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Parliament convenes under Speaker Berri to tackle key financial reforms, Beirut municipality files
NNA – The House of Parliament convened in a legislative session on Thursday, presided over by House Speaker, Nabih Berri, with a 23-item agenda focusing on critical economic, monetary, and livelihood-related draft laws and proposals. Topping the agenda is the draft law submitted under Decree No. 103, which seeks to amend certain provisions of the 1956 Banking Secrecy Law, alongside Article 150 of the Code of Money and Credit—both seen as pivotal steps in Lebanon's financial reform trajectory. Also under discussion are three draft laws concerning the Beirut Municipality, presented on the eve of upcoming municipal and mayoral elections. ============R.H.
