“The banking secrecy of the past must come to an end,” said British Prime Minister Gordon Brown at a press conference marking the end of the G-20 summit in London on April 2. “We are engaging in a deep process of restructuring our financial system for the future.” The following day newspapers around the world headlined Brown’s end-to-bank-secrecy quote, which no doubt pleased the average reader who blames the international financial sector for the current global crisis. Lebanon continues to uphold strict bank secrecy laws, and the news raised questions as to what extent the G-20 meant business and how the decision may affect the country’s key banking sector. The United States (US) and several European Union (EU) states in recent months have pressured traditional banking centers such as Switzerland and Liechtenstein to relax banking secrecy laws following a series of financial scandals. Beirut goes only so far “The banking
