The Financial Prosecutor (FP) in Lebanon has decided to remove secrecy banks and freeze the assets of 20 banking institutions in the country.
The senior judicial official heard the testimonies of 15 banking officials regarding the transfer of $ 2.3 billion abroad despite the strangling liquidity crisis and the severe restrictions imposed on the movement of funds in Lebanon.
The Lebanese government approved draft law to lift banking secrecy while Cabinet approved draft law to lift banking secrecy.
This law comes within a packet of measurements to face the financial crisis which threatened Lebanon during the last few months.
The newly appointed government bets on such important decisions to reorganize the banking sector on other sound bases after decades of chaos.
The decision taken by the LFP coincides with the approval of the Council of Ministers of a draft law to lift banking secrecy.
The official news agency quoted the LFP as saying that he had put a "ban on disposal" of the assets of 20 Lebanese banks.
He communicated with the General Directorate of Real Estate Affairs, the Commercial Registry Secretariat, the Governor of the Bank of Lebanon, the Association of Banks, and the Financial Markets Authority.
He also ruled to prevent the disposal of the property of the heads and boards of directors of these banks.
Lebanese media published the names of the banks included in the decision, in addition to the names of their heads.
The LFP heard over previous successive sessions this week, with the seven judges selected from the Public Prosecution Office, to the Chairman of the Association of Banks Salim Sfeir and to fourteen heads of banks.
On the other hand, Lebanese Minister of Justice Marie Claude Najm said on Thursday that the Council of Ministers had approved a draft law to lift bank secrecy.
The popular anger in Lebanon has focused recently on the banks, which have imposed restrictions on withdrawing savings and preventing financial transfers abroad.
The president of the Association of Banks in Lebanon said that steps are being taken to keep Lebanon's wealth inside the country.
Lebanon is currently suffering a severe financial and economic crisis, as the exchange rate of one dollar on the black (unofficial) market reached 2,700 Lebanese pounds, while the official exchange rate of 1508 pounds
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