Lebanon's Central Bank Governor Riad Salameh looks on during during an interview with Reuters in his office in Beirut, Lebanon July 18, 2016.REUTERS/ Jamal Said
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Lebanon is at serious risk of being blacklisted upon the recommendation of OECD if the automatic tax information exchange bill is not passed soon by the parliament, a lawmaker warned Monday.The lawmaker explained that in November 2015 Parliament passed a number of important bills and one of them involved the exchange of tax information with the Organization for Economic Cooperation and Development members.But some MPs are reluctant to approve the automatic tax information exchange as it threatens the highly cherished banking secrecy law.Joseph Torbey, chairman of the World Union of Arab Bankers and Chairman of the Association of Banks in Lebanon, also explained the steps Lebanon is taking in regard to the exchange of tax information during a conference in Paris Monday.
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