Lebanese finance officials review banking secrecy law amendments in IMF talks

The Lebanese negotiating committee meeting with the International Monetary Fund (IMF) was held at the Ministry of Finance on Monday to review the banking secrecy law. 

During the meeting, Finance Minister Yassine Jaber presented the results of his meeting with the IMF Resident Representative in Lebanon, Frederico Lima, and the team regarding the issues of banking secrecy and the required amendments, as well as the law needed to address and reform the banking situation in Lebanon.

The minister presented the proposed amendments to banking secrecy regulations, which meet the requirements for restructuring banks on the one hand and exercising regular banking supervision on the other. The proposed amendments also align with the roles of Lebanon's Central Bank and the Banking Control Commission in these areas.

The attendees discussed the text of the proposed amendment to the banking secrecy law. They agreed to prepare it and send it to the Cabinet's General Secretariat for discussion at the next session scheduled on Thursday.

The participants also discussed the banking reform project presented by the IMF's resident representative, which is directly linked to enacting a law addressing the gap in the banking system.