The college of law at the University of Baghdad discussed a master’s thesis in the private law of the student (Batul Salem Sami), tagged with (the legal scope of the principle of bank secrecy _ comparative study), on Wednesday 26/6/2024 on the model courtroom at the college.
The thesis aims at the factors that support confidence in the banking sector and contribute to attracting foreign and national capital and the link between the concept of banking secrecy and the concealment of criminal activities and money laundering and the impact on the national economy and state security through the use of those activities in the financing of terrorism.
The thesis included three chapters, the first of which dealt with the nature of bank secrecy, the second chapter dealt with the objective scope of bank secrecy, and the third chapter dealt with the personal scope of bank secrecy.
The thesis came out with several recommendations, the most important of which is to propose to the Iraqi legislator to provide for a special law on banking secrecy and clarify banking secrecy in particular, it suggests to the Iraqi legislator to add the phrase “and transactions and data related to them confidential” to the text of Article (49) of the Iraqi banking law no. (94) for a year 2004 in order to give banks a clear and explicit picture of the dimensions of its commitment to banking secrecy.
