The Lebanese parliament approved a banking secrecy law today, granting authorities access to banking data dating back to 2015. Passed with a strong majority of 87 votes, this legislation fulfills a key requirement set by the IMF, as it “guarantees a complete and unrestricted lifting of banking secrecy for the Banque du Liban (BDL), the Banking Control Commission, and auditors or independent assessors officially appointed by these bodies.”

However, there are two notable loopholes in the law:
1- The 10-year retroactive clause falls short of addressing the decades of corruption that led to Lebanon’s financial crisis.
2- The implementation details will be determined by a decree issued by the Cabinet, leaving room for ambiguity. On the bright side, this decree will no longer be handled by the Finance Ministry—a shift that could improve oversight.

While the law is far from perfect, it represents a step in the right direction toward financial transparency and accountability.