Costa Rica: NO to the Removal of Bank Secrecy

Facing the proposal of the authorities to abolish the banking secrecy in the country, businessmen of the industrial sector are opposed, because they argue that there are already legal procedures in the country to do it through a judge.

Monday, February 17, 2020

At a press conference on February 11, Finance Minister Rodrigo Chaves defended the proposal to access sensitive information from taxpayers and said that by lifting banking secrecy they were seeking to tackle tax evasion.

Regarding these proposals, the businessmen agree that it is not convenient, since the aim is to have access to information without control.

Enrique Egloff, president of the Costa Rican Chamber of Industries (ICRC), told that "... It would mean that you can have access to information for management without limitations and without conditions, simply by seeking income, instead of dealing with the underlying problems."

Egloff added that "... Nothing helps to generate confidence for investment, if the launching of initiatives or proposals to eliminate bank secrecy, especially if there are already mechanisms in Costa Rica to obtain information and access to people's accounts through a judge in those cases necessary to attack, on the one hand, tax evasion and on the other hand, money laundering problems."

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More on this topic

Bank Secrecy: What Concerns Businessmen?

September 2019

As a result of the elimination of banking secrecy in Guatemala, the business sector announces that it will be alert to "respect due process and the confidentiality of taxpayers.

One year after having suspended access to taxpayers' bank information for fiscal purposes, at the beginning of August the Constitutional Court ruled definitively and revoked the suspension, so that in the coming weeks the changes will begin to apply.

Bank Secrecy: Can the Court's Decision Be Reversed?

August 2019

Experts and authorities believe that the ruling by the Guatemalan Constitutional Court revoking the suspension preventing access to taxpayers' bank information for fiscal purposes could be reversed with another legal action.

In recent days, the issue has become more relevant in the country, because after a year of being suspended access to banking information for tax purposes, on August 6 the Constitutional Court finally ruled, authorizing the Superintendence of Tax Administration (SAT) to review the accounts of taxpayers.

Costa Rica: Bank Secrecy Under Discussion

December 2014

An initiative that is being discussed in the Legislative Assembly would lift bank secrecy with regards to tax matters, without the need for an order to be given by a judge.

Reform to the Code of Tax Rules and Procedures would allow tax authorities to access client's bank information, if needed. This amendment is part of the requirements for the country to join the Organization for Economic Cooperation and Development (OECD).

Guatemala: Insistance on Regulating Banking Secrecy

November 2014

The new head of the Superintendency of Banks intends to resume the discussion in Congress of a bill which would regulate banking secrecy in the country by way of tax audits.

With the aim of improving tax controls, the Superintendency of Banks (SIB) seeks to reform national legislation for the regulation of banking secrecy in order to access "... Banking information of taxpayers, under guarantees of confidentiality."

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