Lebanese Government Approves Law to Lift Banking Secrecy

Lebanon’s joint parliamentary committees have approved key amendments to the banking secrecy law, with only minor changes to the original proposal, according to Lebanese media platform The Lawyard.

The new draft grants authorities access to named individuals’ bank accounts dating back 10 years. This includes account holders’ names and all transactions since 2015.

Initially, some lawmakers had proposed limiting access to only the past five years. That shift could have weakened the law’s impact and moved it further from the transparency goals set by the IMF and international partners. Many have even critiqued this version of the law, arguing that it doesn’t go far enough—and have called for it to extend back to the 1990s.

What Does This Mean?

This reform aims to support financial investigations into actions that may have contributed to Lebanon’s economic collapse in 2019. It would allow authorities to track suspicious transfers. This refers to those made before and during the early stages of the crisis.

Under the updated law, the Banking Control Commission will have full access to banking data. The commission is expected to play a central role in monitoring and investigating violations.

This decision marks a turning point in Lebanon’s long-stalled efforts to investigate financial misconduct. By lifting banking secrecy retroactively, the law could help expose hidden transactions and restore some public trust in state institutions.

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