The National Bloc: “Capital Control” poised to grant amnesty for all financial crimes

It was indeed a surreal scene at the Parliament today as the deputies of the nation attempted once again to have depositors bear alone the bulk of the State's losses. It is incomprehensible how they insist on passing a falsely called “Capital Control bill”, ignoring the fact that it flagrantly legitimizes the stealing of the whole people of Lebanon, after their savings has been arbitrarily seized by banks since November 2019.

Worse still is that the new capital control law also gives this group, put together into a so-called administrative committee, absolute jurisdiction to determine the volume of cash withdrawals and bank transfers, and total freedom for three years, subject to extension, over new and old money that enters or exits the country, besides depriving the citizens of the right to refer banking issues to the judiciary in a blatant violation of the law and the constitution. Also, we must bear in mind that the committee has insofar been incapable of performing its role.

This law, if passed in its current form, is a flagrant attempt to circumvent the initial agreement with the International Monetary Fund, which called on the government to conduct a forensic audit to the accounts of Lebanon’s Central Bank and most Lebanese banks as a prelude to determine losses, and develop the required restructuring plan for the public debt and banking sector.

The attempt of the deputies of the nation to pass the "Capital Control" behind concrete walls, hiding behind the tinted windows of their vehicles, is a continuation of the ongoing theatrical show since the beginning of the current parliament's term under the pretext of protecting the mafia-militia class that rules the country. It is the same ruling class that nominated Marwan Kheireddine in the south, and the same elite whose electoral lists are financed by bank owners who refuse to have their accounts audited and insist on withholding people's money.

However, it is necessary to clarify that these tragic plays will not succeed in distracting people anymore from what needs to be done to stop the collapse and spin the wheel of economic recovery:

Implementing a restructuring strategy to public debt and banks that recognizes and addresses upfront the large losses in the sector, after auditing main banks’ accounts.

Completing the forensic audit of the Lebanese Central Bank.

Amending banking secrecy law.

Unifying the multiple foreign exchange rate and regulating capital’s flows through a transparent mechanism of the Capital Control measures.

Approving the budget for 2022 in light of the government and Parliament’s continuous procrastination to evade responsibilities of tackling the crisis.