Bank Secrecy: a Look at Modern Trends from a Theoretical Standpoint (A. Vishnevskiy, журнал "Право. Журнал Высшей школы экономики", N 4, октябрь-декабрь 2015 г.)

Vishnevskiy A. Bank Secrecy: a Look at Modern Trends from a Theoretical Standpoint

Bank secrecy has long been recognized as one of the fundamental legal constructions in banker-customer relationships. Recent developments in legal regulation of it show that bank secrecy is subject to more and more limitations, i.e. more and more authorized bodies may have access to the relevant information and, moreover, in some cases the banks are obliged to inform the authorities about clients' transactions even without any request. Many scholars consider these developments as a limitation of bank secrecy which eventually may lead to its "death" The author argues that such an assessment is based on a one-sided approach to bank secrecy as a fundamental right of the bank's client. As a general rule, bank secrecy of this nature is understood to be one of the components of an individual's right to privacy, or - in the case of a legal entity - as one of the fundamentals of the legal status of a legal entity. Although such an approach is acceptable within a positivistic view on the legal theory, the author argues that a broader view on the matter is justified when the legal nature of bank secrecy is understood as a legal construction aimed at finding an optimal balance between private and public interests involved in the confidential sphere of banker-customer relationships. As a result the latest developments may be seen as attempts to find a new balance, the balance between private and public law aspects of bank secrecy which will be more adequate taking into consideration the realities of the contemporary banking and financial environment.

Keywords: bank, secrecy, banking law, private interest, public interest, customer.

"Право. Журнал Высшей школы экономики"

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Издается с 2008 г.

Журнал учреждается в качестве печатного органа Высшей школы экономики с целью расширения участия ВШЭ в развитии правовой науки, в совершенствовании юридического образования.

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