Beirut: Information Minister, Attorney Dr. Paul Morcos, has articulated reservations regarding the government's draft law on deposit recovery and financial regularisation, citing significant legal and financial deficiencies. Despite these concerns, Morcos acknowledged the draft law as an essential step towards reform.
According to National News Agency - Lebanon, Morcos's stance is based on a professional and legal evaluation, documented in the minutes of the government session under Decree No. 2552 of 1992. He believes that while the draft law sent to Parliament is a necessary beginning, it requires further amendments based on a study he previously submitted. His reservations stem from the lack of adequate safeguards for depositors, the absence of transparent financial data, and apprehensions about restoring confidence in the banking sector.
Morcos asserted that passing the law could send a positive message to the international community, potentially facilitating renewed international engagement and assisting Lebanon in exiting the financial grey list. He emphasized Lebanon's anticipation of international support for its reform initiatives and actions taken.
He also noted that the legislative process is still in its initial stages and open to modification in parliament. Morcos offered lawmakers his detailed written observations, reflecting his 28 years of experience as a financial law expert, for their consideration.
Regarding gold reserves, Morcos confirmed that the draft law excludes them entirely, aligning with existing legislation that prohibits their disposal.