Honduras Strengthens Banking Secrecy and Financial Privacy Rights
Tegucigalpa, Honduras - A Major Step towards Protecting Financial Privacy
In a significant move to safeguard the financial privacy rights of its citizens, Honduras has amended its Penal Code, Criminal Procedure Code, and Special Law Against Money Laundering. These amendments require judicial authorization for public authorities to access individuals’ financial records.
Strengthening Banking Secrecy: A Shift towards International Human Rights Standards
Prior to the amendments, Honduras’ Commercial Code recognized the right to bank secrecy, but it was later eroded by laws enacted during the Global War on Drugs and Terror. The Special Law Against Money Laundering (Decree No. 144-2014) and Law Against the Financing of Terrorism (Decree No. 241-2010) had suspended banking secrecy for purposes of applying these laws, leaving financial users without any sort of privacy.
Key Changes:
- Judicial warrant required for public authorities to access individuals’ financial records
- Public Ministry (Prosecutor’s Office) and Financial Intelligence Unit (FIU) must request a judicial warrant from a court
- FIU will obtain information only if the request is accompanied by a valid warrant signed by a competent judge
- Financial institutions are now obligated to provide requested financial information only if a judicial warrant is included in the request
Honduras’ Constitutional and International Human Rights Framework
The Honduran Constitution recognizes the right to privacy in Articles 76 and 100, which aligns with international human rights law standards enshrined in the Universal Declaration of Human Rights, International Covenant on Civil and Political Rights, American Convention on Human Rights, and American Declaration of the Rights and Duties of Man.
Conclusion
Honduras has taken a significant step towards protecting its citizens’ financial privacy rights by requiring judicial authorization for public authorities to access their financial records. This amendment brings Honduras in line with international human rights law and demonstrates the government’s commitment to upholding these fundamental rights.