Confidentiality of Financial Data: Lifting of Confidentiality for the collection of Evidence on Alternative Disputes Resolution

Abstract

With the extraordinary development of anti-money laundering regulations, the confidentiality of financial information has displaced banking secrecy from many Latin American jurisdictions. Such is the case in Bolivia, where confidentiality is the guiding principle on which the current financial system is based and built. Confidentiality is the tool that allows for the integral protection of a legal asset, object of constitutional protection, such as the individual freedom, and in this case, it translates into the custody of privacy of the financial information. As a general principle, the regime of exceptions to this rule must be regulated by the principle of specificity, which is established by national law and must be interpreted restrictively. This article will analyze the applicability of the exception’s regime to the confidentiality of financial data for evidence gathering in alternative dispute resolution processes.