Lebanon"s former Central Bank chief jailed for corruption charges

Riad Salameh, the former governor of Lebanon's Central Bank, has been jailed on corruption and embezzlement charges, marking a significant moment in the country's ongoing financial crisis. His arrest comes after years of economic mismanagement that has led to one of the worst economic crises globally, as described by the World Bank. Salameh, who served for three decades, is accused of illicitly enriching himself and embezzling public funds, with estimates suggesting up to $42 million involved. The arrest is seen as a response to increasing international pressure on Lebanon to implement anti-money laundering measures, with the Financial Action Task Force threatening to place the country on a "grey list". This could further destabilize Lebanon's already fragile financial system. However, many believe that Salameh's detention may not lead to broader accountability for the political elite, who are deeply entrenched in corruption. Legal experts express skepticism about the judiciary's ability to operate independently, given its history of political interference in significant cases. The arrest of Salameh is viewed as a crucial step, but it raises questions about whether the judiciary can pursue justice without succumbing to political pressures. The situation highlights the urgent need for genuine reforms in Lebanon's governance and judicial system to restore public trust and address the grievances of depositors affected by the financial collapse. Without such reforms, the prospects for meaningful accountability and recovery remain bleak.