BDL Prepares New Decree
The Banque du Liban (BDL)is preparing a draft decree aimed at enhancing the internal control and auditing of banks. According to the decree, banks have until 31/12/2000 to create a controlling committee composed of non-executive board members. The main function of the committee will be to oversee the internal auditing procedures of the bank and examine all reports received from the internal auditing department, the appointed external auditors and the Banking Control Commission (BCC).As such, each bank has to create an independent auditing department and inform the BCC of the names of the members of that department. The department will be responsible for the bank’s financial statements, and all steps taken to prevent money laundering. The appointed external auditors should prepare reports on the bank’s implementation of this decree by 31/12/2000.