Lebanon parliament clears way for forensic audit of central bank

BEIRUT: Lebanon's parliament Monday approved a bill that suspends banking secrecy laws for one year to allow for a forensic audit of the central bank, a key demand of international donors, state media said. "Parliament approved a draft law... that suspends banking secrecy for one year," the official National News Agency reported.

The vote came in inaccordance with a November decision by parliament to clear hurdles obstructing a forensic audit of the central bank and public institutions, the NNA added. The International Monetary Fund and France are among creditors demanding the audit as part of urgent reforms to unlock financial support, as the country faces a grinding economic crisis.

But the central bank has claimed that provisions including Lebanon's Banking Secrecy Law prevent it from releasing some of the necessary information.

"After approving a law that lifts banking secrecy... we can begin a forensic audit," said Hasan Fadlallah, a lawmaker affiliated with the powerful Shia Hezbollah movement.