Violation of bank secrecy big mistake: economist on government’s initiative

Economist Vardan Bostanjyan described the approval of bill on making amendments in the law on Bank secrecy by Armenia’s government today a big mistake.

“It is a big mistake. Big because in case the bank secret is endangered a big deformation, diversion will appear in financial flows,” the economist said, speaking to Aysor.am.

Bostanjyan noted that it all will result in the irrational distribution of financial resources.

“This distribution is being done through financial institutions and first of all through banking system. Banking secret is the key part of this activity,” he said, adding that violation of bank secrecy or putting this law into circulation will mean that the people will not be inclined into placing their free means in bank pipes which is the most important circle feeding the economy.

Asked why the government has initiated such measure, Bostanjyan said, “The government does it to have its hands free for confronting anyone it wants.”

With this decision the law enforcers get access to secret bank data of not only defendants and suspects but those inter-connected with them.