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Banking Secrecy: Its Impacts and Legislative Aspect Comparative Study of Several Foreign and Arab States

Mayada Taj Al-Deen
2009 TANMIYAT AL-RAFIDAIN  
Banking Secrecy is considered to be one of banking operation. It is the fundamental aspect of the bank, as it keeps customers secrets and not disclose them to any one else, and ‫ﺍﻟﺪﻳﻦ‬ ‫ﺗﺎﺝ‬ ] ٢٥٦ [ that because bank -customers relationship is however based on trust, which its basic pillar is the bank keeping the secrets of its customers. In fact, banking secrecy conflicts sometimes the efforts that aim to struggle money laundry, and that in not aiding to detect illegitimate money. As opinions
more » ... money. As opinions about banking secrecy are different, the study exposed legislations of banking secrecy in several foreign and Arab states (united states of America, Swiss, France, Panama, Lishtintine, Egypt, United Arabic Emirates, Syria, Lebanon, Jordan and Iraq), to show that there is no conflict in applying the banking secrecy principle, and the efforts of struggling money laundry. There was an opinion advocates the existence of the conflict between them, As banking secrecy do not preclude the efforts of struggling money laundry. Depending on Arab and foreign states experiences, the states are divided into tight states in applying banking secrecy, and other ones are non-tight. The higher degree of banking secrecy is, the higher customers trust in the bank. There is an increase in the size of foreign deposits in banks. So, the rise in the size of foreign deposits considered as an indicator to the importance of applying banking secrecy in banks.
doi:10.33899/tanra.2009.161803 fatcat:pzyadm7zhrbulih2skuehqjz4e