Beirut: The Lebanese Parliament on Thursday passed the draft law submitted under Decree No. 103, amending Article 7 (e) and (f) of the Banking Secrecy Law of September 3, 1956, as well as Article 150 of the Code of Money and Credit dated August 1, 1963, as amended by Law No. 30 of November 8, 2022. The vote was conducted by roll call, with 87 members voting in favor and 13 against.
According to National News Agency - Lebanon, the amendments mark a significant step in the legislative process concerning financial transparency and regulation. The changes to the Banking Secrecy Law and the Code of Money and Credit reflect ongoing efforts to align Lebanon's financial regulations with international standards.
The amendments to the Banking Secrecy Law address issues related to confidentiality and transparency in financial transactions. These changes aim to improve oversight and accountability within Lebanon's banking sector. By modifying Article 7 (e) and (f), the parliament seeks to enhance the mechanisms for monitoring financial activities and ensure compliance with global norms.
Similarly, the amendment to Article 150 of the Code of Money and Credit is intended to strengthen the legal framework governing monetary policy in Lebanon. This adjustment is expected to provide clearer guidelines for financial institutions and regulatory bodies, aiding in the stabilization and development of the country's economic landscape.
This legislative development is part of broader reforms aimed at addressing challenges faced by Lebanon's financial system. The passage of these amendments demonstrates the parliament's commitment to implementing measures that promote economic stability and integrity within the nation's financial institutions.