Honduras Takes Significant Steps to Protect Banking Secrecy and Financial Privacy

Strengthening Financial Privacy and Due Process Rights in Honduras

In October 2021, Honduras’ Congress made significant amendments to its Penal Code, Criminal Procedure Code, and Special Law Against Money Laundering. These changes strengthen the financial privacy and due process rights of citizens by requiring judicial authorization for public authorities to access a person’s financial records.

Key Amendments

• Judicial Authorization: Public authorities can only request financial information from institutions with a court order.
• Financial Intelligence Unit (FIU) and Public Ministry Requests: The FIU and Public Ministry can now only make requests by obtaining a judicial warrant.
• Protection of Banking Secrecy: The amendments ensure that individuals’ financial records are protected from unwarranted invasions into their privacy.

International Human Rights Law Standards

The amendments align with international human rights law standards, including:

• Article 76 of the Honduran Constitution: Recognizes the right to privacy.
• Article 100 of the Honduran Constitution: Protects individuals’ private affairs.
• Global best practices: Honduras is now one of the countries with the highest protection for banking secrecy and financial privacy.

Expert Reaction

“This is a major victory for financial users in Honduras. The amendments demonstrate a commitment to protecting the right to banking secrecy and financial privacy, which is essential for individuals and businesses alike.”

The changes have been welcomed by experts and advocates who see them as an important step towards aligning Honduras’ laws with international human rights standards.