• December 23, 2021
• By L'Orient Today

Karim DAHER- Over the past two years, several factors have turned the forensic audit of Banque Du Liban’s accounts and transactions into a tragicomedy. It started with BDL using the Banking Secrecy Law as a pretext for refusing to meet the requests of Alvarez & Marsal Middle East Limited (A&M), a UAE subsidiary of the main American company of the same name, assigned to conduct this audit for the first time in September 2020.Such a pretext is unfounded, as banking secrecy does not apply to the public institutions’ accounts. Nevertheless, this has led Parliament to vote in favor of a law lifting banking secrecy on the accounts of BDL and public institutions for a one-year period, which subsequently allowed the signing of a new contract in September 2021 in order for the same firm to conduct the audit.
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