Protection and Risks of Illegal Divulgation of Banking Secrecy in Ukrainian Criminal Proceeding
Summary: 1. Introduction. – 2. Guarantees of Banking Secrecy and Importance of its Nondisclosure. – 3. Procedure of Banking Secrecy Disclosure and Risks of its Illegal Divulgation. – 4. Limits of Legal Divulgation in Criminal Proceedings. – 5. Concluding Remarks.
Abstract
The authors contribute to the national reform discussion to improve Ukrainian society's banking system confidence, approaching the European standards of financial services. Public confidence in banks focuses on performance, necessary for financial institutions, but negative feedback from the media, relatives, acquaintances regarding banks has bred significant mistrust. Among the root causes of an unflattering bank, image engenders the financial institution's inability to ensure customer information confidentiality regarding the banking secrecy. This article reviews the protection and illegal disclosure risks of banking secrecy, access to it within criminal proceedings, legal uncertainty of the Laws of Ukraine ‘On Banks and Banking’ and ‘On Currency and Foreign Exchange Transactions’, and proposed elimination method. Also provided are particular risks and recommendations for dealing with bank secrecy's apparent risks to continue improving adequate bank secrecy disclosure compliance with the FATCA Agreement.
About Authors
Basysta Iryna
Dr. Sc. (Law), Prof. of Criminal Procedure Department,
Lviv State University of Internal Affairs
Lviv, Ukraine
Shepitko Iryna
Ph. D. (Law), Senior Lecturer of National Security and Legal Work Department,
Military and Legal Institute, Yaroslav Mudryi National Law University
Kharkiv, Ukraine
Shutova Olga
Ph. D. (Law), Assist. Prof. of State Building Department,
Yaroslav Mudryi National Law University
Kharkiv, Ukraine
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How to cite it?
- I Basysta, I Shepitko, O Shutova ‘Protection and Risks of Illegal Divulgation of Banking Secrecy in Ukrainian Criminal Proceeding’ (2020) 4(8) Access to Justice in Eastern Europe 298-305.
