One year from the signature of the Multilateral Convention, the
deadline of the first exchange of information based on the OECD
agreements is approaching. In September 2018, Lebanon has started
to operate the Automatic Exchange of Information (AEOI) since the
signature of the Convention in 2016.
It is not clear yet how the correct implementation of the Common
Reporting Standards (CRS) procedures will effectively impact on the
banking secrecy still in force in the country and one of the pillar
of the financial sector.
I. A brief recap
In May 2016, Lebanon formally adhered to the Global Forum on
Transparency and Exchange of Information for Tax Purposes,
committing to implementing a series of reforms that would lead to
the integration of domestic legislation with OECD standards in the
tax area.
