The effect of forced execution procedures on the obligation to bank secrecy

Abstract AR

The bank provides many functions and services including seek to meet the wishes of their customers in keeping all matters related to their deposits, including the preservation of jewels, ornaments, gold mats and other pricey things, by providing them with a service that includes allocating a certain treasury to the customer in a place prepared by the bank for this purpose, within the framework of bank secrecy.

Banking secrecy play an important role in increasing the volume of deposits with banks and thereby increasing investments, which requires the application of legal provisions that may conflict with the bank's instructions to disclose customer information or deposits, affecting bank secrecy.

There are two trends related to the bank secrecy in most laws applied in different countries, absolute bank secrecy and relative bank secrecy.

There is disagreement over the legal nature of the contract between the client and the bank, but this contract can be adapted as a composite contract of a special nature.

The Iraqi legislator and the comparative law have gone on to consider the money in the bank's treasury as money deposited with others, and the Iraqi legislator acknowledged the bank's confidentiality, not absolute.