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Central Bank Sets Deposit Account as Judiciary Downgrades Role
The article focused on Bank Lebanon's step to establish a dedicated account titled "Deposit Recovery Account," aimed at separating funds recovered by the bank as a result of lawsuits related to asset recovery, compensation, and illegal enrichment—whether from abroad or locally. This measure seeks to provide a transparent and auditable mechanism before judicial authorities to ensure the protection of recovered funds, which include amounts stolen or used unlawfully. The goal is to support efforts to recover depositors' funds. The account operates in three currencies: U.S. dollars, euros, and Lebanese pounds. A counterpart account is opened abroad to facilitate transfers, but it is strictly limited to funds arising from legal proceedings or court rulings. Importantly, the account is not related to financing financial crimes such as money laundering. Its purpose is to safeguard depositors' rights by isolating and recovering funds.
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