Abstract:

The aim of the present article is to analyse the position of the Russian Federation and countries such as Spain, the United States and Switzerland concerning banking secrecy rules when executing anti money laundering legislation.  We conclude on the necessity of the political establishment to improve Russian law-enforcement in practice as well as the legislation in this area. The banks having received the right to close an account of a legal entity or of an individual unilaterally are able to overdo anti-money laundering and anti-corruption laws.  This results in individuals’ problems with cash withdrawals and payments on the clearing basis.  The authors analyse European practice and problems concerning ‘secrecy matters’.  Even within Europe the regulatory approaches relating to secrecy differ.  Because of the ‘secrecy’ involving individuals and legal entities, they are deprived of appealing decisions taken by banks and thus restricting their Constitutional rights.  The Constitution of the Russian Federation gives general guidelines in respect of human rights and shall be respected by laws and law enforcement practice.