They approved it without understanding it .. The banking confidentiality law has become effective and the application is almost impossible

These questions were the lady of the situation. As for the second reason for the lack of understanding of the law by the deputies, it is its mysterious content, which a large number of them criticized if on the air or in the corridors and in their chats between each other and with journalists, but they voted on it to satisfy their blocs and its role cooperating with the International Monetary Fund.

A parliamentary source considered that the law of raising banking confidentiality contradicts the constitution for a number of reasons, especially in terms of blowing up the banking confidentiality law that was approved in 1956 and was the primary reason for the financial and economic bucket in Lebanon and for the flow of deposits in billions, especially from the neighboring and Gulf Arab countries and other countries, where the banking confidentiality was the safety of these deposits.

The source pointed out that there are political forces that were forced to follow this law, although they realize that it affects the financial situation in Lebanon and the financial and banking sector, but external parties, including international and financial, insist on this direction and impose a number of laws on the government. However, the source indicated that the House of Representatives passed in 2022 a law to raise banking secrecy and was more logical than it is today, as the judiciary was the basic authority that has the authority to raise banking secrecy. The source pointed out that Lebanon has many laws that combat money laundering, terrorist financing and tax evasion, so there is no need to invoke these dangers in order to pass the banking secrecy with requests, wishes, and even imposition from abroad as a condition for follow -up in the discussion, leading to an agreement with the IMF.

In another context, a legal source concerned with financial affairs drew attention to the fact that a large number of Arab and foreign depositors put their confidence and money in Lebanon because of the existence of the banking confidentiality law, and had it not been for this law, these deposits would have gone to Dubai, Cyprus or other countries. The source emphasized that the financial, monetary and banking advancement without a banking secret to return confidence is very difficult, and this was what distinguishes Lebanon throughout the history of the Lebanese Republic.
An official financial source confirmed that what was approved yesterday, i.e. the law of raising the banking secrecy and expanding the size and number of supervisory and financial authorities that have the right to request a banking secrecy on the accounts of persons and entities, is indirectly a decrease in the authority of the Bank of Lebanon and the ruler of the central bank towards financial issues in Lebanon.

He said: For example, what is the reason that prompted the government to give the National Authority for the Protection of Deposits the right to raise banking secrecy?

The financial source is firm that the application of this law is almost impossible because of the ambiguity surrounding it and the absence of its applied decrees, and this is what appears by allowing the Minister of Finance to propose how to apply to the government to issue a decree in which it determines how to work and act in the event of problems in implementation when starting to implement the law of raising banking confidentiality.

The source concluded that this wheel in sending the law, without an in -depth lesson for its negatives, to the parliament and its approval without a complete understanding of its dangers on the monetary situation in Lebanon confirms with the categorical evidence that what happened is to satisfy the Monetary Fund and to pay towards a financial agreement with Lebanon, but in this way he withholds Lebanon billions that would enter Beirut in the near future.