Lebanon’s central bank said on Thursday it is pressing ahead with legal action across multiple foreign jurisdictions to pursue individuals suspected of involvement in financial misconduct during their time at the bank, as part of a broader effort to restore transparency and accountability in the crisis-hit institution.

In a statement, Banque du Liban (BDL) said it is working with specialized law firms in a number of European and foreign countries to prosecute “any legal or natural person” who held responsibilities at the bank, or was directly or indirectly connected to it, and is suspected of participating in the embezzlement of public funds or other forms of illicit enrichment.

In a related development, international consultancy Alvarez & Marsal confirmed it has received all the data required from BDL to complete the first phase of its forensic audit, commissioned by Lebanon’s Ministry of Finance. The central bank said it stands ready to continue cooperating fully if the Lebanese government opts to expand the firm’s mandate.

BDL reiterated its commitment to transparency and said it remains open to any further steps that may be necessary to uncover past financial wrongdoing and rebuild trust in the banking sector.

The bank also noted ongoing coordination with the Lebanese government and parliamentary committees to review certain provisions in draft legislation, aiming to ensure their consistency with existing banking laws. BDL said the effort is meant to preserve the institution’s independence and protect its legal powers under Lebanese law.

“The central bank is keen to maintain its advisory role as set out in Article 70 of the Code of Money and Credit,” the statement said, adding that it operates as a legal advisor to the government under Articles 71 and 72 and implements laws once they are passed by Parliament. It emphasized that it does not propose or approve legislation on its own.

BDL Governor Karim Souaid has also launched consultations with a range of stakeholders involved in Lebanon’s recovery efforts, including depositors' advocacy groups, the Association of Banks in Lebanon, and the Association of Businessmen.

During these meetings, the governor has outlined the broad principles the central bank intends to follow to achieve sustainable financial balance and stabilize the country’s monetary system.

The central bank cautioned against recent media reports suggesting imminent steps or policy changes that go beyond its publicly declared objectives.

“Any news regarding specific measures or proposed actions that exceed the general framework of declared principles remains speculation,” BDL said. “Such reports do not reflect the bank’s official stance and are not binding in any form.”