Lebanon Central Bank: Govt Should Be the One to Submit Its Accounts to Audit

The Lebanese central bank’s refusal to provide full data for a forensic audit may force consultancy Alvarez & Marsal (A&M) to walk away or wait for a new cabinet to salvage the review, a key condition for foreign aid, two sources close to the matter said, Reuters reported. Banque du Liban (BDL) said in a statement on Wednesday that it had provided its own accounts to the turnaround specialist hired by Lebanon this year, but that it should be the government that submits full state accounts to the audit. “This would spare the central bank from violating legally binding bank secrecy laws”, it said. Caretaker Prime Minister Hassan Diab said on Tuesday the BDL had provided 42% of the information required and criticised it for citing legislation and banking secrecy as a justification. Read more

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