Salam: New effort to tackle tax evasion, corruption, and money laundering
4/24/2025 5:52:00 PM
Prime Minister Nawaf Salam stated that "the Lebanese Parliament's approval of the government's bill related to banking secrecy represents a crucial step towards the desired financial reforms that our government has committed to achieving. It is a key pillar of any recovery plan and allows for the distinction between legitimate and illicit funds. It also opens a new chapter towards stopping tax evasion, fighting corruption, and preventing money laundering."
He added: "While the banking secrecy law had significance in the 1950s by attracting capital to Lebanon, it has lost its meaning today after being exploited in ways that tarnish Lebanon’s image. Revisiting this law has become an essential entry point for uncovering the truth, defining responsibilities with transparency, and holding perpetrators accountable. This will help in restoring depositors' rights and rebuilding the trust of both citizens and the international community."
He added: "While the banking secrecy law had significance in the 1950s by attracting capital to Lebanon, it has lost its meaning today after being exploited in ways that tarnish Lebanon’s image. Revisiting this law has become an essential entry point for uncovering the truth, defining responsibilities with transparency, and holding perpetrators accountable. This will help in restoring depositors' rights and rebuilding the trust of both citizens and the international community."