Aoun Warns Finance Ministry, BDL against Impeding Forensic Audit
President Michel Aoun on Monday issued a stern and rare warning to the Finance Ministry and the central bank over the issue of the stalled forensic audit of the central bank’s accounts.
“I warn the Lebanese side -- specifically the Finance Ministry and the central bank which will meet tomorrow with forensic audit firm Alvarez & Marsal -- against any attempt to impede the forensic audit,” Aoun said in a tweet.
“I hold them responsible, in the name of the Lebanese people,” the president added.
The central bank had recently announced that it had submitted to the Finance Ministry all the documents that have been requested by Alvarez & Marsal to carry out its mission. The Finance Ministry disputed the announcement and said the central bank had only filed 42% of the needed documents.
On December 21, parliament had approved a bill that suspended banking secrecy laws for one year to allow for a forensic audit of the central bank, a key demand of international donors.
The vote came in accordance with a November decision by parliament to clear hurdles obstructing a forensic audit of the central bank and public institutions.
The International Monetary Fund and France are among creditors demanding the audit as part of urgent reforms to unlock financial support, as the country faces a grinding economic crisis.
But the central bank had claimed that provisions including Lebanon's Banking Secrecy Law prevent it from releasing some of the necessary information.
New York-based Alvarez and Marsal, a consultancy firm tasked with the audit, scrapped its agreement with the government in November because the central bank had failed to hand over required data.
The move sparked widespread criticism of Lebanon's authorities.
The country, which defaulted on its debt this year, is experiencing its worst economic crisis in decades.
Source: Naharnet
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