Open Secret: Lebanon moves to replace archaic banking secrecy, at first glance

While promising at first glance, in its current shape the draft bill is characterised more by ambiguities than substance. For example, the proposal fails to mention whether the lifting of banking secrecy is retroactive or offers a proper framework to determine when lifting banking secrecy is appropriate. Instead, the law includes rather obscure provisions for banks to deny requests for information, while opening the door to abuse of power.