Public Actions

President Michel Aoun sends banking secrecy law back to Parliament

Wednesday, August 31, 2022

President Michel Aoun sent a law regulating banking secrecy back to Parliament on Wednesday for “reconsideration” more than a month after legislators signed the measure, which is among the reforms required by the International Monetary Fund to unlock a major financial assistance package. According to the Presidency’s Twitter account, Aoun sent the law back for Parliament to make certain modifications to the time period to which it applies, “so that it covers at least the period during which the [current economic] crisis was caused.” The Tweet did not include further detail on this point. If Parliament approves the law again, it would take effect even if Aoun decided not to sign it. The law regulating bank secrecy is part of the batch of reforms required by the IMF aimed in order to unlock a $3 billion assistance package to support the country's recovery as it struggles from an unprecedented economic crisis. None of the reforms required have so far been approved.

Acting Bodies: 
Lebanese Government
Fiscal measures
Civil Society Response: 
Not applicable