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Financial Institutions’ Role in Preventing Financial Crimes in Honduras Strengthened
The Honduran Congress has made significant strides in protecting the financial privacy and due process rights of its citizens by requiring judicial authorization for public authorities to access a person’s financial records. The amendments, enacted on October 1, 2021, empower the Public Ministry (Prosecutor’s Office) and the Financial Intelligence Unit (FIU) to request financial information from institutions only after obtaining a court order.
Importance of Protecting Privacy
The changes come as a response to Honduras’ recognition of the importance of protecting the right to privacy. The Honduran Constitution guarantees this right in articles 76 and 100, while international human rights law also recognizes it in:
- Universal Declaration of Human Rights
- International Covenant on Civil and Political Rights
- American Convention on Human Rights
- American Declaration of the Rights and Duties of Man
Prior Laws Seen as Dubious
Prior to the amendments, Honduras’ financial secrecy laws were seen as constitutionally dubious, allowing authorities to access financial records without a warrant. However, recent changes have made Honduras one of the countries with the highest protection for banking secrecy and financial privacy.
New Regulations
Under the new regulations, financial institutions can only provide requested financial information if accompanied by a judicial warrant signed by a competent judge. The Criminal Procedure Code has also been amended to explicitly state that financial institutions can only provide information to authorities with a court order.
Implications for Preventing Financial Crimes
The amendments have significant implications for preventing financial crimes in Honduras. By requiring judicial authorization, the country is ensuring that the right to privacy is protected while still allowing authorities to investigate criminal activity. This move reflects Honduras’ commitment to upholding human rights and protecting its citizens from illegal activities.
- Protects the right to privacy
- Allows authorities to investigate criminal activity with a court order
- Reflects Honduras’ commitment to upholding human rights and protecting its citizens from illegal activities