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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