Bank Secrecy in the International Private Law

In this study author analyzes the current status of regulatory system of bank secrecy both on international and national levels and the possibility to protect bank secrecy in common legal and other circumstances. Author describes history of origin of bank secrecy as a legal construction (including analysis of formation of its dualistic legal nature with presence of public and private elements simultaneously) simultaneously with analysis of its legal definitions proposed by different jurisdictions and legal specialists. In the next part of the study author reviews regulatory systems of bank secrecy in several countries, especially in USA and Switzerland, because this particular countries strongly affects on the current trends in development of bank secrecy in the world due to political, finance and historical factors. Also authors describe in details several important cases with regard to disclosure of bank secrecy and analysis of their influence to this legal construction on global level. In the third part of the study authors reviews activities of international organizations - G20, OECD and EU with respect to bank secrecy and its regulation system and estimate further development of such activities (including rulemaking). In conclusion author decides that despite the fact that bank secrecy becomes less impenetrable, it is incorrect to tell about its full dismantling, but on its deep rework with regard to the worldwide trends towards financial transparency.