(Adds comment from finance minister, context)
BEIRUT, Dec 23 (Reuters) - Lebanon s caretaker finance minister said it would contact a consulting firm on Wednesday to resume a forensic audit of the central bank, a key condition for foreign aid that has hit a roadblock.
Parliament agreed this week to lift banking secrecy for one year, after the restructuring consultancy Alvarez & Marsal pulled out of the audit, saying it had not been given information it needed. It was decided based on the law from parliament and government decisions to contact the firm A&M to resume the forensic audit, caretaker Finance Minister Ghazi Wazni s office cited him as saying after meeting with the president.
By Reuters Staff
2 Min Read
FILE PHOTO: Lebanon s Finance Minister Ghazi Wazni gestures as he speaks during an interview with Reuters in Beirut, Lebanon March 12, 2020. REUTERS/Mohamed Azakir
BEIRUT (Reuters) - Lebanon’s caretaker finance minister said it would contact a consulting firm on Wednesday to resume a forensic audit of the central bank, a key condition for foreign aid that has hit a roadblock.
Parliament agreed this week to lift banking secrecy for one year, after the restructuring consultancy Alvarez & Marsal pulled out of the audit, saying it had not been given information it needed.
“It was decided based on the law from parliament and government decisions to contact the firm A&M to resume the forensic audit,” caretaker Finance Minister Ghazi Wazni’s office cited him as saying after meeting with the president.
Lebanon s parliament passes law to lift banking secrecy - Xinhua xinhuanet.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from xinhuanet.com Daily Mail and Mail on Sunday newspapers.
2020-12-21 15:05:49 GMT2020-12-21 23:05:49(Beijing Time) Xinhua English
BEIRUT, Dec. 21 (Xinhua) Lebanon s parliament passed on Monday a law that lifts banking secrecy from public accounts for a year to facilitate forensic audit of the Central Bank and other public institutions, a basic demand for international financial assistance, the National News Agency reported.
Central Bank Governor Riad Salameh has previously cited the banking secrecy law as an obstacle to conducting a forensic audit.
Previously appointed firms specialized in conducting the forensic audit of the Central Bank of Lebanon s accounts have notified Lebanon of its withdrawal from the agreement because it did not obtain the information and documents required to carry out its mission. Enditem
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After months of political bickering surrounding his designation as Prime Minister, Saad Hariri put forward on Wednesday a Cabinet lineup of 18 “non-partisan” experts that failed to win the approval of President Michel Aoun and his allies.
Mr Hariri’s latest bid to break the deadlock comes nearly two weeks prior to French President Emanuel Macron’s upcoming visit to Beirut this month, his third since the deadly explosion that shook the capital in August.
Since then, Mr Macron has pressed Lebanon’s political leaders to form a credible government tasked with enacting reforms in line with the roadmap he laid out in August to help Lebanon weather a full-blown economic and financial crisis.