Lebanon's parliament Monday 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, state media said. 

Clothes and equipments belonging to firefighters who died in the Beirut port blasts are placed on a Christmas tree in Beirut, Lebanon, on Dec. 20. 2020. A Christmas tree is set up on Sunday near the Beirut port to commemorate firefighters who died in the Beirut port blasts on August 4. Photo: Xinhua

"Parliament approved a draft law... that suspends banking secrecy for one year," the official National News Agency reported. 

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 NNA added. 

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.

"After approving a law that lifts banking secrecy... we can begin a forensic audit," said Hasan Fadlallah, a lawmaker affiliated with the powerful Shiite Hezbollah movement. The country, which defaulted on its debt in 2020, is experiencing its worst economic crisis.
Newspaper headline: Lebanon parliament clears way for forensic audit