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Examination of the Law Governing Bank Secrecy In EXAMINATION OF THE LAW GOVERNING BANK SECRECY IN BURUNDI A THESIS SUBMITTED TO THE COLLEGE OF HIGHER DEGREES AND RESEARCH OF KAMPALA INTERNATIONAL UNIVERSITY KAMPALA, UGANDA IN PARTIAL FULFILMENT FOR THE AWARD OF MASTER’S DEGREE IN COMMERCIAL LAW OF KAMPALA INTERNATIONAL UNIVERSITY NIYOMWUNGERE JUSTINE REG.NO: 1161-01056-04182 JUNE, 2018 1 DECLARATION I, NIYOMWUNGERE JUSTINE declare that this thesis is my original work and has not been presented for a Masters Degree or any other academic award in any university or institutional of learning. Signature: ……………………………. Date: ………………………………….. i APPROVAL I certify that I have supervised and read this thesis and that in my opinion, it conforms to the acceptable standards of scholarly presentation and it is fully adequate in scope and quality as a thesis in partial fulfillment for the award of Degree of Master of Laws of Kampala International University. Name of Supervisor………………………………………………….. Signature…………………………………………………….. Date……………………………………………………………….. ii DEDICATION I would like to dedicate the success of this study to my parents, Mr. SIMBANANIYE Christian, to my brothers and sisters, and all friends who contributed in my journey of studies and subsequently giving encouragement during the development of this study. Their ideas and moral support gave me strength and energy to accomplish this study. iii ACKNOWLEDGEMENT This piece of work is successful due to the assistance of considerable number of people who were willing to sacrifice their precious time to let me go through the research. I will not be able to list all of them by name but I appreciate the help of all. Above all, I glorify my Almighty God, my heavenly father, through Jesus Christ my savior, provider, and teacher, for giving me knowledge and wisdom to accomplish this Masters degree. He deserves praises and honor. I am grateful to Kampala International University for admitting me to their LLM program. Special thanks to my supervisor, MR. SEWAYA MUHAMUD who guided me with patience throughout the entire work. My deep debt of gratitude goes to the following people: the Dean of School of Law, our lecturers, and our LLM coordinator whose guidance, patience and criticism were vital without their support nothing could have been done. I express my gratitude to all my classmates, fellow students who shared their experience with me. My final words of thanks go to my family. I want to thank the families of Mr. Simbananiye Christian; Mr. Simbavimbere Jean Baptiste, and Mr. Ndayiragije Edouard whose love and guidance has helped me to pursue my Masters degree in Commerical Law. I thank you so much and may God bless you all. iv TABLE OF STATUTES BURUNDI Burundi Anti-Money Laundering and Financing Terrorism Act 2008……………….28 Banking Law of Burundi (2003)………………………………………………………………….33 Penal Code of Burundi (2009)…………………………………………………………………….20 OTHER COUNTRIES Annunzio-Wylie; Anti-Money Laundering Act of USA, (1992)…………………………73 Anti-Terrorist Financing Act of of USA (2000)………………………………………………79 Banking Act of France Financial regulations (1984)………………………………………81 Bank secrecy Act (1970) UK……………………………………………………………………….78 Finland “Credit Institutions Act” (1970)………………………………………………………..77 Republic of Armenia Law on Bank Secrecy……………………………………………………17 The Banking Business Act of Sweden (Chapter 1, Article 10) (2004)………………87 The Criminal Justice Act (1994) as amended by the Criminal Justice (Theft and Fraud Offences)…………………………………………………………………………………………………90 The Patriot Act of USA, (2001)…………………………………………………………………..79 The USA, Sarbanes Oxley Act, (2001)…………………………………………………………79 The Penal Code of France (1984)……………………………………………………………….81 The Financial and Monetary Code of France (1983)…………………………………….81 The Penal Code of Luxembourg (1993)………………………………………………………83 v The Danish Financial Business Act of (2006)……………………………………………..83 The Tax Control Act of Demark on the Global Tax Alert published on 23, August (2017)………………………………………………………………………………………………….84 vi TABLE OF CASES Attorney-General v. Guardian Newspapers Ltd. (No. 2)(1990) 1 AC 109, 2812…………………………………………………………………………………………………..44 Bankers Trust v. Shapira [1980] 1 WLR 1274………………………………………….40 Box v Midland Bank Ltd 1979 2 Lloyd's Rep 391………………………………………88 Box v Midland Bank Ltd 1981 1 Lloyd's Rep 434………………………………………88 Cornish v Midland Bank plc 1985 3 All ER 513…………………………………………25 Christofi v Barclays Bank plc, January 1998 2 All ER 417…………………………86 Foley v Hill 1848 2HL Cases 28……………………………………………………………..65 Great Western Railway v London and County Banking Co. 1901 AC 414…..65 Harris v United States, 413 F.2d 316 (9th Cir.1969)………………………………..9 Hedley Byrne & Co Ltd v Heller & Partners Ltd 1964 AC 465……………………70 Joachimson v Swiss Bank Corporation 1921 All ER 92……………………………..64 Langtry v Union Bank of England 1896 1 LDAB 229 Lloyds Bank Ltd v Bundy 1975 1 QB 327………………………………………………..74 Owen and Gutch v Homan 1853 4 HL Cases p 1035………………………………..89 Pharaon v. Bank of Credit and Commerce International SA (in liquidation) [1998] 4 All ER 455…………………………………………………………………………………………………49 Robertson v Canadian Imperial Bank of Commerce 1995, 1 All ER 824, PC........................................................................................................11 Stephen v Euro Bank Limited & another, march 2003………………………………67 Sutherland v. Barclays Bank Ltd [1938] 5 LDAB 163………………………………..52 Tribunal d'arrondissement de Luxembourg, 24 avril 1991…………………………83 Tournier v National Provincial and Union Bank of England [1924] 1 KB 461 CA……………………………………………………………………………………………………...4 Woods v Martins Bank Ltd 1958 1 QBD 55……………………………………………..66 vii TABLE OF CONTENTS DECLARATION .................................................................................................... i APPROVAL .......................................................................................................... ii DEDICATION ..................................................................................................... iii ACKNOWLEDGEMENT ....................................................................................... iv LIST OF STATUTES ............................................................................................. v LIST OF CASES ................................................................................................. vii TABLE OF CONTENTS ...................................................................................... viii LIST OF ABREVIATIONS ................................................................................. xiii ABSTRACT ....................................................................................................... xiv CHAPTER ONE ................................................................................................... 1 GENERAL INTRODUCTION ................................................................................ 1 1.1 Background to the Study ..................................................................................... 1 1.2 Statement of the Problem .................................................................................... 6 1.3 Research questions ............................................................................................. 7 1.4 Objectives of the Study ........................................................................................ 7 1.4.1. General objective ............................................................................................ 7 1.4.2. Specific objectives ........................................................................................... 7 1.5 Scope of the Study .............................................................................................. 8 1.5.1 Content Scope .................................................................................................. 8 1.5.2 Geographical Scope .......................................................................................... 8 1.6 Significance of the Study ..................................................................................... 8 1.7 Research Methodology ......................................................................................... 9 viii 1.8 Literature Review .............................................................................................. 10 1.9 Chapterization ................................................................................................... 16 CHAPTER TWO: ............................................................................................... 17 EVALUATING POLICIES AND LAWS ON BANK SECRECY IN BURUNDI .......... 17 2.1 Introduction ...................................................................................................... 17 2.1.1 Legal definition of Banking Secrecy Laws ......................................................... 17 2.2 Theories Related to Applicability of Bank Secrecy Laws ........................................ 20 2.2.1. The theory of the contractual nature of the banking secrecy ............................ 20 2.2.2 The Theory of Public Order ............................................................................. 21 2.3 The Nature of Bank secrecy Laws and Regulations .............................................. 21 2.4 Burundi bank secrecy laws and policies ............................................................... 23 2.4.1 Legislations of bank secrecy in Burundi ............................................................ 23 2.5. The Duties of Bank Secrecy in the Current Banking Trend ................................... 24 2.5.1 A brief
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