Banque du Liban Moves to Audit Controversial ‘Consultancy Account’ Linked to Riad Salamé Era
The Banque du Liban (BDL) is seeking government authorization to appoint an international forensic audit firm to investigate the central bank’s “consultancy account,” a financial vehicle central to ongoing criminal investigations into former governor Riad Salamé. Current BDL Governor Wassim Mansouri has requested permission from the Council of Ministers to conduct a confidential, direct-contract audit to trace fund flows, identify ultimate beneficiaries, and quantify potential losses incurred by the central bank, according to reports from L’Orient-Le Jour.
What was the ‘consultancy account’?
The “consultancy account” served as a specialized fund within the BDL used to pay for external services and advisory fees. During the tenure of Riad Salamé, who served as governor from 1993 to 2023, the account became a primary focus for both local and international prosecutors. Investigators allege that the account was used to facilitate the embezzlement of public funds and the laundering of money through complex financial structures.
The account has been a recurring theme in legal proceedings across Europe and Lebanon. French and German authorities have issued arrest warrants for Salamé in connection with these financial irregularities. Salamé has consistently denied these allegations, characterizing the legal challenges as politically motivated.
Why is the BDL seeking a new audit?
The BDL’s current leadership is attempting to formalize the documentation of financial mismanagement to support ongoing legal efforts. By hiring an international forensic auditor, the bank aims to move beyond initial inquiries and establish a clear, evidentiary trail that can be used in court.
According to correspondence reviewed by L’Orient-Le Jour, the BDL previously engaged the French law firm Clifford Chance in April 2024 to provide legal counsel regarding the recovery of assets. This new push for a forensic audit represents an escalation in the central bank’s strategy to address the legacy of the Salamé era, which saw the Lebanese financial system collapse, leading to the devaluation of the national currency and the freezing of private deposits.
How does this audit differ from previous investigations?
Previous investigations into the BDL have often been hampered by a lack of transparency and the bank’s refusal to disclose internal ledger details. The current request for a “confidential” contract with a forensic firm signals a shift toward proactive cooperation with judicial authorities.
The following table outlines the key differences between past oversight and the proposed forensic action:
| Feature | Previous Oversight | Proposed Forensic Audit |
| :— | :— | :— |
| Scope | Regulatory/General | Transaction-specific (Consultancy Account) |
| Goal | Compliance | Asset tracing and loss quantification |
| Method | Internal reporting | Third-party international forensic firm |
| Transparency | Highly restricted | Confidential (intended for judicial use) |
What happens next?
The BDL’s request now sits with the Council of Ministers. Approval is required because the contract involves a departure from standard public procurement processes, specifically the use of a “direct-contract” (de gré à gré) arrangement.
Financial analysts note that the outcome of this audit could have significant implications for the ongoing criminal trials in France and Switzerland. If the forensic report successfully identifies the ultimate beneficiaries of the funds that passed through the consultancy account, it could provide the evidence needed for asset recovery efforts. However, the process remains politically sensitive, as the findings may implicate influential figures who held positions of power alongside the former governor.