We invite you to read the letter to the editor written by our Tax Group Director, Andrea Bobadilla, on the discussion that has taken place in the Senate to make the lifting of Bank Secrecy more flexible.
Mr. Director:
In relation to your editorial where the importance of safeguarding banking secrecy and reserve was addressed, it is important to highlight relevant elements in the midst of the discussion.
First, we must be clear that the purpose of banking secrecy is to protect the privacy and trust of citizens in the financial system. However, it is important to point out that the law exceptionally authorizes the “lifting of banking secrecy” always by judicial resolution in justified cases, mainly linked to crimes or tax fraud.
In this way, and understanding that banking secrecy and confidentiality are fundamental rights, what is being discussed in the Senate does not seem to be moving in the right direction. What is proposed is to make the lifting of banking secrecy more flexible in order to allow the SII a more effective control and thus also provide more tools to fight organized crime.
It should be noted that the proposal has generated debate on the real need to make this information transparent, contrary to the protection of the privacy of banking clients.
While the importance of tackling organized crime is indisputable, financial privacy is necessary for political and economic stability and investment in the country. It should not be sacrificed without a deep and careful analysis.
Letter written by Andrea Bobadilla | Director of the Tax Group
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