The accounting firm Alvarez & Marsal will reportedly start extensive forensic auditing of all accounts of Lebanon’s Central Bank within a few days, according to The Daily Star.
Citing a government source, the daily reported that the firm will receive $150,000 from Lebanon’s Finance Ministry to allow it to begin the audit.
The Central Bank reportedly also provided the firm with all documents and data it requested, despite previously refusing to comply with the company over banking secrecy laws.
However, the Lebanese parliament passed a law to lift banking secrecy for one year.
A forensic audit of the Central Bank is deemed an inevitable course of action if Lebanon seeks to receive financial assistance from the international community. It is one of the requests of the International Monetary Fund (IMF).
It will reveal answers to the big question: where did all the funds go?
According to the same source, Alvarez will release the preliminary findings 12 weeks after it resumes its work.
