Lebanese minister: Lebanon’s bank secrecy law retroactive

Watch Lebanese minister: Lebanon’s bank secrecy law retroactive - AlArabiya English on Dailymotion

Transcript

00:00I want you to walk me through that banking secrecy legislation,

00:03because you're saying it's retroactive as much as 10 years.

00:07This should catch in the net those who made out like bandits in Lebanon.

00:12Look, everybody who's been doing the right things have no problem.

00:16But if somebody is doing wrong things, he probably will have to pay for it,

00:25because what is actually, all this relates to people's money, people's money, deposits, you see.

00:36So people want to know what happened, and the process is going to happen.

00:40Now, who is going to do it, you see?

00:42We are actually, by making these laws, we are providing the tools for the central bank

00:49and for the bank control commission to start doing its work properly.

00:54They haven't been able to do it before, because there were vague sentences

01:00in the last alterations of the bank secrecy law in 2022.

01:06It wasn't very clear what they could do.

01:08Now, it's very clear that they have full access to all accounts

01:14with names and amounts and everything.