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European Observatory condemns Lebanese Parliament's capital control law as a 'crime' against depositors

Lebanon Economy

17-08-2023 | 02:14

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European Observatory condemns Lebanese Parliament's capital control law as a 'crime' against depositors

The European Observatory for Integrity in Lebanon has deemed the approval of the capital control law by the Lebanese Parliament in its presented form as a "crime" against depositors.

The Observatory noted that the law includes suspending the implementation of decisions issued by the Lebanese and foreign judiciary, thus protecting the banks.

Moreover, the Observatory pointed out that countries and governments implement capital controls in times of crisis to regulate outward transfers and prevent capital flight.

"Why does the Lebanese Parliament seek to approve a capital control law in its presented form when billions have already left Lebanon? Wouldn't it be more appropriate to consider a law to recover funds transferred abroad?" it asked.

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