The Banking secrecy Between cancelation and staying Astudy in Banking Secrecy philosophy

Awdaa Ghanem, Yusef

	The Banking secrecy Between cancelation and staying Astudy in Banking Secrecy philosophy
Economic Sciences
Article 1, Volume 7, Issue 26, 2011, Pages 180-210 PDF (0 K)
Author
Yusef Awdaa Ghanem
Abstract
The bank secrecy is considered to be a legal way to protect the rights that the legislator granted it such a protection. It was, and still, necessity to establish the principles of confidence that really represent a guarantee and safeguard for the individual and community at all time in societies. But this secrecy, that aimed to protect these principles, changed over time to become a mean to smuggle the capitals and swindle the tax laws in addition to effect money of criminal roots. Thus if pet raying the bank information without real reason that would harm the society, therefore the bank silence and hiding of information concerning crimes would harm the society. This justifies the necessity of disclosure of such information according to the rule (Preventing mischief's is better than bringing benefit ). The importance of this study comes at time voices become louder demanding the abolition of bank secrecy, especially after September 11,2001. It considered that main reason to the bank secrecy is contribute to the phenomenon of tax evasion, money laundering, and finance acts . So, it must tackle the philosophy behind the bank secrecy to kwon the trueness of those demands. It is kwon that every legal system has its own philosophy calling the legislator to organize its rules that, by comprehending them, showing the importance of that system and the need to maintain or abolishing it when some conditions emerged to justify such abolition .

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