Examination of the law governing bank secrecy in Burundi

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Kampala International University
The principle of banking secrecy under the Penal Code protection is not specifically stipulated and assured by the Burundian law, the purpose of this study was to critically examine the Law governing Bank Secrecy in Burundi. Specific objectives were to: identify the law and policy of the bank secrecy; analyze the applicability of the laws related to bank secrecy; and analyse the challenges related to bank secrecy in Burundi and also from other jurisdictions. The study used doctrinal research methodology based on the library materials involving primary source and secondary source. According to the findings, there seem to be no direct law governing bank secrecy instead as it is provided by Article 250 of the Penal Code, 2009 of Burundi. On the side of the applicability of the laws related to bank secrecy Article 250 requires every director and every employee of a Bank to make a written declaration of fidelity and secrecy before assuming his duties. In conclusion, it is meaningful to note that bridging the gaps arose in secrecy laws requires cooperation of different sectors including the government, legislators, regulators, media, private and community services organizations. This study recommends that in order to encourage effectiveness in bank secrecy, Government of Burundi must be able to strengthen and amend the bank secrecy laws in its capacity, support committed reformers, and strengthen the ability of citizens to monitor public functions and hold leaders accountable for providing safety, effective public services, and efficient use of public resources.
Dissertation available full text (soft and hard copy)
Law, Bank secrecy, Burundi