LEBANON REMOVES DECADES-OLD BANKING SECRECY RULES IN BID TO BETTER FIGHT CORRUPTION

On 28 May, the Globe & Mail reported that Lebanon’s parliament has approved a law to remove decades-old banking secrecy rules in order to better fight rampant corruption that has pushed the country to the edge of economic collapse.  It says that the change opens the way for investigations into bank accounts of current and former officials such as Cabinet ministers, legislators and civil servants.  The new law gives powers to National Anti-corruption Commission and a Special Investigative Committee at the central bank to investigate bank account of officials.

https://www.theglobeandmail.com/world/article-lebanon-removes-decades-old-banking-secrecy-rules-in-bid-to-better

 

 

 

 

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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