Lebanon's parliament voted on 24 April 2025 to pass a new banking secrecy law, approving the legislation by 87 votes out of 128, in the country's third legislative attempt to overhaul the framework. The law authorises independent auditors and other approved entities to examine banking records dating back ten years.
The IMF has consistently identified revision of the banking secrecy laws as a prerequisite for a formal assistance programme, and amendments passed in two earlier attempts, including in 2022, had fallen short of IMF requirements.
BACKGROUND
Lebanon's banking secrecy laws date to 1956.
The IMF has engaged with Lebanese authorities over a reform agenda that encompasses banking sector restructuring, fiscal consolidation, and governance improvements.
CRISIS CONTEXT
Lebanon's financial crisis began in 2019 and caused severe losses for depositors.
The passage of the law does not in itself conclude negotiations with the IMF or guarantee the start of a formal programme.
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