Head of the Association of Lebanese Banks Joseph Torbey speaks during a conference in Beirut, Tuesday, Dec. 23, 2014. (The Daily Star/Mohammad Azakir)
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Lebanon's commitment to fighting money laundering does not hurt banking secrecy but, to the contrary, is in the interests of the banking sector, said Joseph Torbey, president of the Association of Banks in Lebanon.Torbey said that banking secrecy in Lebanon still covers around 95 percent of bank accounts and it is only lifted in suspicious cases within a specific mechanism protected by the special investigation committee of the Central Bank.Torbey explained that the judicial system is allowed to access suspicious bank accounts only by resorting to the special investigation committee at the Central Bank, which has the right to decide whether to lift banking secrecy or not.
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