The Institute of Banking Secrecy in the CIS: Rather-Legal Analysis

  • Anna V. SIDOROVA Samara State University of Economics, Samara, Russian Federation
  • Tatyana S. CHEREVICHENKO Samara State University of Economics, Samara, Russian Federation
  • Elena A. EFREMOVA Samara State University of Economics, Samara, Russian Federation
  • Evgenia V. MEDENTSEVA Samara State University of Economics, Samara, Russian Federation
  • Alexey V. AZARKHIN Samara Law Institute of the Federal Penitentiary Service of Russia, Russian Federation

Abstract

Topicality. The processes of globalization in the modern world led to the situation when, on the one hand, most of the countries acknowledged the right for ‘banking secrecy’ as one of the fundamental human rights. On the other hand, due to increase of fighting money laundering, the groups of persons whose banking secrecy may be ignored, is expanding.


Goals and tasks of the research. Studying the problems of regulation of banking secrecy aims at attracting attention of theorists and practitioners to this problem. The authors set the following tasks:


  • studying the modern state of legal regulation in the sphere of banking secrecy in the CIS countries;

  • conducting comparative and legal study of the norms of banking law, devoted to banking secrecy of the CIS countries;

  • -determining the position on the debatable issues that appeared during conduct of the research;
    • determining the progressive tendencies in development of the laws on banking secrecy in the CIS countries and studying the possibility for using them during reformation of Russian laws.


Conclusions. The institute of banking secrecy in the CIS countries might be considered a rather new institute. That’s why legal regulation of these institutes is not perfect. The institute of banking secrecy is legally recognized in all CIS countries, but not all legal systems contain the notion ‘banking secrecy’. At the legislative level, all countries of the CIS specify the information and the data that are subject to protection and specify the cases in which the ‘curtain’ of banking secrecy could be lifted. The sources of legal regulation of this institute are also different. All CIS countries have responsibility for disclosure of banking secrecy. Having analyzed development of legal norms, which regulate the institute of banking secrecy, the authors note that all countries try to limit the sphere of application of laws on banking secrecy and implement exceptions.

References

[1] Anasova, L.S. 2011. Banking secrecy according to the laws of the Republic of Kazakhstan. Bulletin of Perm University. Legal sciences. No.1. URL: http://cyberleninka.ru/article/n/bankovskaya-tayna-po-zakonodatelstvu-respubliki-kazahstan (accessed: 19.08.2017).
[2] The Bank Code of the Republic of Belarus. 2000. Dated October 25, No. 441-3. http://kodeksy.by/bankovskiy-kodeks/statya-121.
[3] The Bank Code of Kyrgyzstan: what is its purpose and who will be influenced? News of Kyrgyzstan. Retrieved from http://www.for.kg/news-416357-ru.html.
[4] The Civil Code of the Russian Federation (part two). 1996. Dated 26.01. No. 14-FZ (ed. dated 28.03.2017). SPS Consultant Plus (accessed: 10.08.2017).
[5] The Civil Code of Azerbaijan. 1999. Dated December 28, No. 779-IQ. Retrieved from http://www.icnl.org/research/library/files/Azerbaijan/Civil_Code_RUS.pdf.
[6] The Civil Code of the Republic of Armenia. 1998. Dated June 17, Retrieved from http://base.spinform.ru/show_doc.fwx/show_doc.fwx?rgn=2998.
[7] The Civil Code of Kyrgyzstan. P. II. Retrieved from http:// www.base.spinform.ru/show_red.fwx?rid=59881.
[8] The Civil Code of the Republic of Kazakhstan (Special part). 1999. Dated July 1, No. 409. Retrieved from http://adilet.zan.kz/rus/docs/K990000409_.
[9] The Civil Code of the Republic of Tajikistan. 1999. Dated December 11, (Part two). Retrieved from http://minfin.tj/downloads/graj%20kodek%20rt%20jvtoroe.pdf/
[10] The Civil Code of Ukraine. 2003. Dated January 16, No.435-IV. Retrieved from http://meget.kiev.ua/kodeks/grazdanskiy-kodeks/.
[11] The Civil Code of the Republic of Moldova. 2002. Dated June 6, No.1107-XV. Official monitor of the Republic of Moldova, No.82-86, June 22, 2002.
[12] The Law of the Republic of Azerbaijan. 2004. Dated January 16, No. 590-IIG ‘Regarding banks’. Retrieved from http://bank.abc.az/index.php?p=47.
[13] The Law of the Republic of Armenia. 1996. Dated October 14, No.ZR-80 ‘Regarding banking secrecy’. Official bulletin of Armenia, October 18, 1996, No.19 (1119), Article 230.
[14] The Law of Kyrgyzstan. 2016. Dated December 16, No. 206 Regarding the National Bank of Kyrgyzstan, banks, and banking operations. Retrieved from http://cbd.minjust.gov.kg/act/view/ru-ru/111486.
[15] The Law of the Republic of Kazakhstan. 1995. Dated August 31, No. 2444. Regarding banks and banking operations in the Republic of Kazakhstan. News of the Supreme Council of the Republic of Kazakhstan, 1995, No. 15-16, Article 106.
[16] The Law of the Republic of Tajikistan. 2009. Dated May 19, No. 524 ‘Regarding banking operations’. Retrieved from http://www.eurasiangroup.org/files/Legislation_RUS/Tadjikiston/zakon_ot_19_maya_2009_goda.pdf.
[17] The Law of the Republic of Uzbekistan. 2003. Dated August 30, No. 530-II ‘Regarding banking secrecy’. Retrieved from http://base.spinform.ru/show_doc.fwx?rgn=5069.
[18] The Law of Ukraine ‘Regarding banks and banking operations’. 2000. Dated December 7, No. 2121-III. Retrieved from http://kodeksy.com.ua/ka/o_bankah_i_bankovskoj_dejatelnosti.htm.
[19] The Law of the Republic of Moldova No. 601. ‘Regarding banks and banking operations’. 2001. Dated June 12, Retrieved from http://lex.justice.md/index.php?action=viewandid=311905andlang=2andview=doc.
[20] Kan, E. 2005. Banking secrecy on foreign countries. Yurist, No. 11.
[21] The Constitution of the Republic of Uzbekistan. 1994. News of the Supreme Council of the Republic of Uzbekistan, No. 1, Article 5.
[22] Oleynik, О.М., Maksimova, S.А. 2014. Banking secrecy: change of paradigm or imbalance of interests? Laws of Russia: experience, analysis, practice, No. 12: 62-68.
[23] Roshchina, D.S., Afanasyeva, S.А. 2017. Legal regulation of banking secrecy in the Russian Federation. Innovational science. No. 2-2: 125-130.
[24] Rusina, Y.А., Sulzhenko, N.G. 2015. Legal regime of banking secrecy. Bulletin of KNUT, No. 2 (85): 84-89.
[25] Rusina, Y.А., Maystrenko, А.L. 2015. Problem aspects of the organizational and legal protection of banking secrecy in Ukraine. Bulletin of KNUTD, No. 1 (83): 97-102.
[26] Tolochkova, N.G. 2015. Legal aspects of protection of banking secrecy in modern Russia. News of OGAU, No.2 (52): 251-253.
[27] Federal Law dated December 2, 1990 No. 395-1 ‘Regarding banks and banking operations’. SPS ConsultantPlus (accessed: 10.08.2017).
[28] Shikulo, О.S. 2013. Banking secrecy in the Republic of Belarus. http://www.rusnauka.com/36_PVMN_2013/Pravo/12_153386.doc.htm.
[29] Aubert, M., Kernen, J.-P., and Schonle, H. 1994. Le secret bancaire Suisse, Bern: 712.
[30] Improving Access to Bank Information for Tax Purposes. OECD. 2000. :19.
Published
2018-12-25
How to Cite
SIDOROVA, Anna V. et al. The Institute of Banking Secrecy in the CIS: Rather-Legal Analysis. Journal of Advanced Research in Law and Economics, [S.l.], v. 9, n. 3(33), p. 1110-1115, dec. 2018. ISSN 2068-696X. Available at: <https://journals.aserspublishing.eu/jarle/article/view/2564>. Date accessed: 24 june 2019. doi: https://doi.org/10.14505//jarle.v9 3(33).39.