Lebanon seems to be a TOP level of Secrecy for Banking.
Do anyone have any experience about that ?
"The banking system in Lebanon enjoys the most stringent secrecy in the world. Most other countries applying banking secrecy have subsequently published legislation or ratified treaties, causing a loss of banking secrecy characteristics. Although Lebanon has approved Law 318/2001, which dealt with fighting money laundering, in addition to subsequent laws, the banking secrecy system has been preserved on a pedestal, especially when compared with other countries that have ratified their own systems.
On Sep. 3,1956, the Lebanese Parliament ratified a special law to attract foreign capital to Lebanon – the banking secrecy law.
The said law provided in its second article that banks’ managers and employees, as well as any third party, who due to his capacity or position, has access, by any means to the banks’ books, operations and correspondence, are absolutely bound by banking secrecy in the interest of the clients of the banks.
Consequently, they are not permitted to divulge banking secrets to any third party.
Each willful infringement of this law shall can result in imprisonment with duration varying between three months to one year.
It is forbidden to disclose the secrecy of the banking formalities to a third party. Furthermore, it is not permitted to attach any seizure on any funds and assets deposited with a bank, unless obtaining the owners’ written consent.
The Central Bank’s auditor may not, in any case, oblige banks’ managers to disclose the names of their clients, except for debtor accounts. Furthermore, they may not have official contact with any party other than the CEO of the bank. Similarly, banks may establish their accounts in a manner not reflecting clients’ names except for debtor account owners.
Moreover, the Central Bank’s auditors are strictly and fully forbidden, while exercising their auditing, from making inquiries about any issue of fiscal qualification or to intervene therein or to inform any party thereof.
The money and credit law obliged any party currently affiliated with or who was formerly affiliated with the Central Bank, for any qualification, to keep the sole secret according to the banking secrecy law published on Sep. 3, 1956.
Nevertheless, there is a special case agreed upon between banks, wherein banking secrecy is disclosed. Yet, this is the case when information is exchanged between banks regarding the clients debtor accounts only."
Do anyone have any experience about that ?
"The banking system in Lebanon enjoys the most stringent secrecy in the world. Most other countries applying banking secrecy have subsequently published legislation or ratified treaties, causing a loss of banking secrecy characteristics. Although Lebanon has approved Law 318/2001, which dealt with fighting money laundering, in addition to subsequent laws, the banking secrecy system has been preserved on a pedestal, especially when compared with other countries that have ratified their own systems.
On Sep. 3,1956, the Lebanese Parliament ratified a special law to attract foreign capital to Lebanon – the banking secrecy law.
The said law provided in its second article that banks’ managers and employees, as well as any third party, who due to his capacity or position, has access, by any means to the banks’ books, operations and correspondence, are absolutely bound by banking secrecy in the interest of the clients of the banks.
Consequently, they are not permitted to divulge banking secrets to any third party.
Each willful infringement of this law shall can result in imprisonment with duration varying between three months to one year.
It is forbidden to disclose the secrecy of the banking formalities to a third party. Furthermore, it is not permitted to attach any seizure on any funds and assets deposited with a bank, unless obtaining the owners’ written consent.
The Central Bank’s auditor may not, in any case, oblige banks’ managers to disclose the names of their clients, except for debtor accounts. Furthermore, they may not have official contact with any party other than the CEO of the bank. Similarly, banks may establish their accounts in a manner not reflecting clients’ names except for debtor account owners.
Moreover, the Central Bank’s auditors are strictly and fully forbidden, while exercising their auditing, from making inquiries about any issue of fiscal qualification or to intervene therein or to inform any party thereof.
The money and credit law obliged any party currently affiliated with or who was formerly affiliated with the Central Bank, for any qualification, to keep the sole secret according to the banking secrecy law published on Sep. 3, 1956.
Nevertheless, there is a special case agreed upon between banks, wherein banking secrecy is disclosed. Yet, this is the case when information is exchanged between banks regarding the clients debtor accounts only."
