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A special law was adopted in lebanon on september 3, 1956, prohibiting lebanese banks from revealing the names, accounts, and activities of their customers,. It can be said that among the criteria proposed for handling deposits is “proving their source,” which has. Us$4.97 billion ranking by assets*:
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At that time such law was considered as a. Consequently, they have initiated cases that have shed. Overview of the lebanese banking secrecy law in 1956 the lebanese parliament voted a law that implemented banking secrecy in lebanon.
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These individuals, despite having their funds stuck in lebanon, possess the means and resources to take legal action against the banks. In essence, banking secrecy is an agreement between banks and the clients by which the client's activities and details remain confidential and private. According to statistics published by the united nations, during the seven years 1950 through 1956 the national income of lebanon rose by more than 50 per cent.1 every sector of the lebanese.
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The decision was criticized by the authoritative watchdog “the legal agenda.” “it is withholding the responsibility of banks to invest the largest percentage of deposits with the. These funds benefited from high interest rates in lebanon banks. The banking secrecy law, which guaranteed clients complete confidentiality regarding their bank accounts.
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Article 2 of lebanon law no. 10 (*as of dec 31, 2021, abl almanac 2022, converted at ll1507.5/us$) history. In 1956, lebanon introduced one of its most influential financial pillars:
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