Morgan Ortagus, the U.S. Deputy Special Presidential Envoy, praised Lebanon today for passing a new amendment to its banking secrecy law, calling it an important step toward much-needed financial reforms.
Ortagus said in a statement;
“We commend Lebanon’s recent passing of a banking secrecy law and support further urgently needed economic reforms in its banking and financial sector,
The comment came after Lebanon’s Parliament held a major legislative session on Thursday, April 24, where it voted to approve amendments to the 1956 Banking Secrecy Law. These changes aim to increase transparency and help fight corruption and money laundering two key demands by international bodies and donors.
New Economic Steps
During the same session, lawmakers also approved:
The printing of higher-value Lebanese pound banknotes, including 500,000 and 5 million LBP bills.
Lebanon’s investment in the International Finance Corporation (IFC).
A law to create special decentralized zones for tech industries.
Background on Ortagus
Morgan Ortagus has recently taken a more active role in Middle Eastern affairs. Before this, she served as the spokesperson for the U.S. State Department and is known for her strong positions on economic reform and foreign policy.
Her comment signals international recognition of Lebanon’s efforts and may encourage further cooperation, especially from Western allies.
