Relaxation of banking secrecy — what does it mean for Ukrainians.

People's Deputy Yaroslav Zheleznyak reported that within three years Ukraine may repeal or relax banking secrecy, allowing the State Tax Service access to the flow of funds in citizens' accounts.

This is stipulated by the draft law on Ukraine's accession to the European payment system SEPA, developed by the Ministry of Finance.

The News.LIVE portal shares forecasts regarding the possible consequences of the relaxation of banking secrecy.

What risks does the relaxation of banking secrecy pose

Lawyer Andriy Shabelnykov explained that the complete repeal or relaxation of banking secrecy could lead to a decrease in the level of protection of citizens' personal data, unauthorized access to financial information, political or administrative persecution of citizens, a decrease in trust in the banking system, and other negative consequences.

What should Ukrainians prepare for

Investment banker Serhiy Fursa is convinced that the decision regarding access to banking information is not a reason for panic. He believes that this is a requirement on Ukraine's path to European integration and will not affect the lives of most citizens.

'The lives of most Ukrainians will not be affected at all. Because if there is nothing to hide — then there is no difference whether there is extrajudicial access to bank accounts or not', Fursa emphasized.

It is also emphasized that creating a registry of citizens' bank accounts is an important step for Ukraine's European integration.

Earlier, it was reported that law enforcement and the National Anti-Corruption Bureau could gain access to Ukrainians' banking data without a court decision.

Also, find out what the position of the National Bank of Ukraine is regarding the provision of uncontrolled access to banking information.

According to the news, the Ukrainian government is considering the possibility of repealing or relaxing banking secrecy, which may have both positive and negative consequences for citizens. This is related to Ukraine's cooperation with European payment systems and the requirements of European integration.