Bank secrecy laws are regulations that govern the confidentiality of information that

financial institutions hold about their clients. These laws are designed to protect the
privacy of individuals and prevent unauthorized disclosure of their financial affairs.
Typically, bank secrecy laws restrict banks and other financial institutions from
disclosing information about their clients' accounts and transactions to third parties,
including government authorities, without the consent of the account holders or a valid
legal reason, such as a court order or suspicion of criminal activity.

Bank secrecy laws vary from country to country, but they often have similar objectives.
In some jurisdictions, such as Switzerland, bank secrecy laws have historically been
quite strict, offering a high level of confidentiality to account holders. However, in recent
years, there has been increasing international pressure to relax these laws, particularly
in cases involving tax evasion, money laundering, and terrorism financing. Many
countries have implemented measures to improve transparency and facilitate the
exchange of financial information between jurisdictions to combat illicit activities while
still balancing the need to protect individuals' privacy rights.