On Wednesday, April 16, 2025, at 11:00 AM, Lebanon’s parliamentary committees on Finance and Budget, Administration and Justice, National Economy and Trade, Industry and Planning, and Information Technology held a joint session. The meeting was chaired by Deputy Speaker of Parliament Elias Bou Saab and attended by Committee Rapporteur MP Ibrahim Kanaan, along with more than 70 members of parliament.
Ministers of Finance, Economy, and Justice were present, in addition to key figures from Lebanon’s financial sector such as the Director of Legal Affairs at the Central Bank and the Head of the Banking Control Commission. The session focused on discussing a proposed amendment to the Banking Secrecy Law, further aligning Lebanon’s financial legislation with international standards and transparency expectations. The joint committees gathered to study a draft law proposed by the government. This law aims to amend Article 7 (h) and (w) of the 1956 Banking Secrecy Law and Article 150 of the Money and Credit Law, originally passed in 1963 and later modified in 2022. These articles deal with banking secrecy and financial transparency in Lebanon.
Key Decisions and Outcomes
The committees approved the proposed amendments. These changes aim to give the Banking Control Commission access to full data—including names—on all Lebanese citizens, not just politicians or public figures. This change came after consultations with the International Monetary Fund (IMF), which emphasized that in most countries, banking regulators already have access to such data for oversight and reform purposes.
Statement by Deputy Speaker Elias Bou Saab
After the evening session, Bou Saab stated
there was strong agreement among the members to approve the changes. He explained that the amendments ensure the Banking Control Commission can access names and financial data for up to ten years back, and even five years after an account is closed. This level of access aligns with international standards and supports Lebanon’s efforts to fight corruption and improve financial transparency.
He added that this is a positive first step toward passing more reform laws. Parliament is now committed to serious reform, and more draft laws will soon be discussed especially those related to teachers’ rights and amendments to the Rent Law.
According to parliament official web
