ArmInfo. Disclosure of bank secrecy requires serious justification, Economist, head of the Alternative research center, Doctor of Economics, Professor Tatul Manaseryan, expressed this opinion on September 23 at a press conference. "I believe that the disclosure of bank secrets is acceptable in cases where other options for resolving the issue are no longer possible," the expert emphasized.
At the same time, he drew attention to the fact that today Armenia has no alternative in the fight against corruption schemes that have been developed for decades and provide for safety net at each stage. ''Our alternative is to come to terms with existing reality. Just do not naively believe that the process of theft and corruption in Armenia has ended. Moreover, I believe that new cases will be revealed, I do not exclude that they are connected with persons who enjoy confidence today and represent the new government'', Manaseryan said.
Stressing the importance of the law, the economist noted that it is necessary to try to maintain a balance between public interests, an effective fight against economic crimes and corruption and bank secrecy. "This is a complex process that can be carried out by joint efforts, in particular with the involvement of experts of narrow specialization and without the participation of the media," he said.
At the same time, the economist referred to his conclusions on the fight against corruption as part of a study of international experience. In this vein, Manaseryan emphasized: "No country would be able to enter the top ten or twenty of the list of countries fighting corruption if there wasn't such an opportunity to open bank accounts that constitute serious evidence or are in doubt".
To recall, on September 12, the Armenian government approved amendments and additions to the laws on "Criminal Procedure" and "On Bank Secrecy", which provide for the disclosure of banking information. Under current law, investigators and prosecutors can receive bank account information only with respect to suspects and accused. At the same time, accounts of related parties are not subject to verification. As First Deputy Minister of Justice Rafik Grigoryan stated the current legislation impedes the investigation of cases related to corruption risks, since corruption investigations can often be related not only to these individuals, but also to people who are related to them, and in some cases, evidence that is necessary to attract person as an accused is inaccessible to the investigation due to bank secrecy.
The proposed amendments are intended to remove restrictions, but at the same time provide for specific mechanisms of guarantees and restrictions. In particular, a full list of crimes will be established for which a petition for disclosing bank secrets can be submitted, as well as the prosecutor's control over the submission of the petition is ensured. In addition, the court must present a reasoned decision on the application, assess whether this is the only aspect and whether it is impossible to find out in other ways, as well as the possibility of notifying the person of the decision made and the possibility of challenging it.
As many experts said, the bill on the abolition of bank secrecy poses many threats to the banking system and is fraught with an outflow of capital from banking institutions of Armenia.
As the press service of the Central Bank of Armenia told ArmInfo on September 13, both under the current law and after the proposed changes come into force, data containing bank secrets will be provided only by court order. "The institution of banking secrecy has been and remains one of the pillars of financial stability, and the planned regulation compared to the current one is not considered a mitigation. The Central Bank is firm in maintaining the institution of bank secrecy and in ensuring financial stability in the country," the CBA said.
