MECHANISM OF BANK SECRECY PROTECTION: COMPARATIVE LEGAL ANALYSIS OF SOME EUROPEAN STATES

Authors

DOI:

https://doi.org/10.18623/rvd.v22.n3.3365

Keywords:

Bank, Bank Secrecy, Liability for Disclosure of Bank Secrecy, Disclosure of Bank Secrecy by a Court Decision, Protection of Bank Secrecy, Civil Procedure

Abstract

The global regulation of bank secrecy is defined by two conflicting trends: a move toward greater transparency and liberalization of access to information, versus the stringent defense of its inviolability. Ukraine, influenced by European deoffshorization efforts, has amended its legislation to enhance information sharing. Despite these reforms, significant legal debates persist in Ukraine regarding the scope of information that should be accessible to law enforcement agencies. Specifically, there is uncertainty and controversy surrounding the disclosure of data on account openings/closures (including e-wallets) and safe deposit box leases. This creates a legal gap that hinders effective law enforcement while raising concerns about privacy. This article aims to address this problem by comparing the mechanisms for protecting bank secrecy in Ukraine with those in leading foreign countries, with the goal of formulating recommendations to improve Ukraine's legal framework. The research employs dialectical, systemic-structural, formal-legal, and comparative-legal methods. The analysis reveals that disclosing information on account openings/closures and safe deposit box agreements to law enforcement is a common and effective practice in many EU states. It is concluded that implementing a similar model in Ukraine would be a viable step. Furthermore, the study proves the necessity of amending Ukrainian legislative provisions concerning the designated holders of bank secrecy.

Author Biography

Chubenko Anton, Scientific Institute of Public Law

Doctor of Law, Professor, Chief Researcher at the Scientific Institute of Public Law

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Published

2025-10-28

How to Cite

Svitlana, B., Andriy, T., Arkadii, Z., Anton, C., & Andrii, P. (2025). MECHANISM OF BANK SECRECY PROTECTION: COMPARATIVE LEGAL ANALYSIS OF SOME EUROPEAN STATES. Veredas Do Direito, 22, e223365. https://doi.org/10.18623/rvd.v22.n3.3365

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Vol. 22 (2025): Veredas do Direito, v. 22, 2025

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