Initiating the recovery of funds transferred abroad… Are there specific figures?

It has recently been reported that reverse transfers from abroad have begun to arrive, according to bankers, in the same amounts that were previously transferred abroad. These amounts have been deposited into bank accounts subject to the oversight of the Public Prosecutor for Financial Affairs, in application of the decision of the Public Prosecutor for Financial Affairs, Judge Maher Cheaito, regarding the return of funds transferred abroad during the financial crisis.

In this context, the economic and financial expert, Dr. Bilal Allameh, explained via “Lebanon 24” that “the validity of the matter or the value of the funds that have been re-transferred to Lebanese banks cannot be verified except with the issuance of official statements.”

He added: “In implementation of the decision of the Public Prosecutor for Financial Affairs, some have chosen to return the transferred funds to Lebanon, especially since there is no option to keep these funds abroad with talk of imposing new sanctions that may affect accounts existing abroad, and therefore it is better to return these funds instead of them being confiscated or frozen abroad.”

He concluded by saying: “The process of returning the transferred funds abroad has begun and may continue for a period, and the bet remains on the issuance of clear official statements that specify the figures.”