Beirut central bank. (The Daily Star/Mohammad Azakir)
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Lebanon will not abandon its banking secrecy law but will continue to cooperate with the United States and other nations in the exchange of tax information and the fight against money laundering, leading bankers said Thursday.Lebanon adopted the banking secrecy law in 1956 in a bid to attract Lebanese and foreign deposits.Bassil said Lebanese banks are involved in the fight against money laundering and are fully complying with Foreign Account Tax Compliance Act, a U.S. federal law that requires American citizens, including individuals who live outside the United States, to report their financial accounts held outside of the country, and requires foreign financial institutions to report to the Internal Revenue Service about their U.S. clients.
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