Lebanon to Ask Alvarez & Marsal to Continue Central Bank Audit
(Bloomberg) -- Lebanon will ask Alvarez & Marsal Inc. to continue its audit of institutions including the central bank after parliament approved the lifting of a banking secrecy law.
The audit will also include ministries, funds and public institutions, according to the official Twitter account of the Lebanese presidency. President Michel Aoun has said a forensic audit at the nation’s central bank has become a requirement for talks with the International Monetary Fund.
Alvarez & Marsal had terminated its contract last month after being unable to secure the data it needed. The central bank had said that banking secrecy laws dating from the 1950s prevent it from handing over all the information sought by the auditors.
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