Latest news with #BankingControlCommission
LBCI
25-04-2025
- Business
- LBCI
Banking secrecy amendment boosts Lebanon's reform credibility — will donors see it as real change?
Report by Lara El Hachem, English adaptation by Karine Keuchkerian An 87-vote amendment to Lebanon's banking secrecy law was a key component of the Lebanese delegation's mission to Washington. Following negotiations between Lebanese delegations in Washington and Beirut, and at the request of the International Monetary Fund (IMF), the amendment added auditors or assessors appointed by the central bank or the Banking Control Commission to the list of entities authorized to lift banking secrecy. Passing the amendment in this form will allow Lebanon to participate in an upcoming roundtable on recovery and reconstruction with a strong reform agenda, strengthening its position in reports to be prepared by conference participants. The conference will include countries such as Saudi Arabia, Qatar, France, and the United States, as well as international organizations and financial institutions. It is considered a first step toward securing the sought-after $2 billion reconstruction loan. The conference follows a meeting with the IMF's managing director, which Lebanon's finance minister described as 'very positive.' The seriousness and coordination shown by the Lebanese delegation were met with optimism, as international partners reaffirmed their willingness to cooperate if the reform process continues and actions match rhetoric. This cooperation has already begun, with offers of technical assistance to Lebanon in various sectors, and an IMF delegation is expected to visit Beirut in May.
LBCI
24-04-2025
- Business
- LBCI
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.
LBCI
28-03-2025
- Politics
- LBCI
Lebanese Finance Minister condemns Israeli attacks, calls for ceasefire compliance
Lebanese Finance Minister Yassine Jaber denounced Israel's escalating aggression against multiple areas in South Lebanon and Beirut's southern suburbs, despite Lebanon's full commitment to the ceasefire agreement. Jaber stated that while Israel does not need a pretext to continue its attacks, those responsible for launching rockets—bearing Israeli fingerprints—must be viewed as suspicious elements seeking to harm Lebanon. He expressed confidence in the Lebanese Army's ability to uncover the perpetrators and urged intensified efforts to eliminate any internal threats undermining national security. He also called for severe punishment against those responsible. Jaber urged the countries that brokered the ceasefire agreement to exert greater pressure on Israel to halt its attacks and fully comply with Resolution 1701. He emphasized that Israel's ongoing assault violates international law and humanitarian principles, causing suffering and destruction. Earlier Friday, the finance minister oversaw financial, reconstruction, and social matters related to his ministry. He held meetings with the head of the South Lebanon Council, Hashem Haidar, the chair of the Banking Control Commission, Maya Dabbagh, and representatives from the Association of Insurance Companies.
