Finance Minister Says Lebanon to Task Alvarez and Marsal anew with Forensic Audit
Caretaker Finance Minister Ghazi Wazni announced on Wednesday that Lebanon plans to resume contacts with Alvarez and Marsal consultancy firm to conduct forensic audit into the state’s accounts, after a bill passed in Parliament approving the lifting of banking secrecy.
“Based on the Parliament bill and government decision, it was decided to communicate with Alvarez and Marsal company to follow up on forensic audit of the Central Bank’s accounts, ministries, independent interests, funds and public institutions,” said Wazni after meeting President Michel Aoun at Baabda Palace for talks on the matter.
On Monday, Lebanon’s parliament approved a bill that suspends 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 has 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 formerly tasked with the audit, scrapped its agreement with the government in November because the central bank had failed to hand over required data.
Source: Agencies
