Political objections to the Bank of Lebanon’s contract with K2 Integity

Renie my price wrote in “Calling of the homeland”: The contract of the Bank of Lebanon with the American K2 Integity Company, signed in July 2025, has sparked a wave of political and legal controversy, amid accusations that objection does not exceed being a political and in the provision aimed at obstructing reform efforts. The contract aims to combat the monetary economy, money laundering, and terrorist financing, as part of a necessary plan for Lebanon to exit the gray regulations of the FATF Group (FATF), and prevent its inclusion on the black list, which may lead to new international sanctions. Although some deputies objected to the failure to present the contract to the Public Procurement Authority, the Bank of Lebanon affirmed the legality of the agreement, based on the cash and custody law, and the cabinet decisions that allowed the conclusion of consensual and secrecy contracts of a security and economic nature, in accordance with Article 46 of the Public Procurement Law.

Economist Jassem Ajaqa saw that the objections weaken Lebanon’s credibility internationally, stressing that dealing with the monetary economy has become urgent, and that the K2 Integry has experience, techniques and acceptance, which makes it a suitable partner at this critical timing. He considered that continuing obstruction would keep Lebanon in collapse and close the door for transfers and import.
For his part, an official source in the Bank of Lebanon confirmed that the agreement came after the approach of seven international companies, and it turned out that the K2 integity is the most worthy in terms of experience and technologies, and that the secret nature of the agreement aims to protect the economic and monetary interests of the state. On the other hand, the objection was considered an attempt to strike the independence of the bank, liquidate old accounts and again in objection to the law of restructuring banks, then now in questioning the legitimacy of the contract.