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2 clusters · 5 sources · 5 days · First seen · Last updated

Banque du Liban financial oversight and auditing

Overview

Banque du Liban has initiated several measures to increase financial transparency and oversight of its assets and investments.

The central bank launched a forensic audit conducted by Alvarez & Marsal, covering the period from October 1, 2019, to December 31, 2023. This investigation, monitored by the Lebanese Ministries of Finance and Justice, focuses on the flow of funds related to foreign assets, commodity subsidy programs, public sector transfers, and letters of credit for fuel imports.

In a separate regulatory move, the central bank issued amendments to strengthen the governance of over $300 million in financing provided to startups, incubators, and venture capital firms through commercial banks since 2013. Following a review that revealed ‘serious deficiencies’ in how these investments were managed, the new circular requires banks to provide full disclosure regarding the status and use of these funds to ensure accountability.

Entities

Banque du Liban · Alvarez & Marsal · Manuel Makki · Ministry of Finance · James Daniel

Timeline

  1. 19 days ago

    [BUSINESS] 3 sources
    Banque du Liban tightens oversight on $300 million in startup investments

    Banque du Liban has introduced new regulations to enhance oversight of over $300 million in startup and venture capital investments made through commercial banks since 2013.

  2. 24 days ago

    [BUSINESS] 3 sources
    Banque du Liban launches forensic audit with Alvarez & Marsal

    Banque du Liban has commissioned Alvarez & Marsal to conduct a forensic audit of its foreign asset operations from 2019 to 2023, covering subsidies and fuel imports to ensure transparency.

Sources

almanar.com.lb · cedarnews.net · ch23.com · dailynewslb.com · janoub360.com