OREANDA-NEWS. November 08, 2010. Riga Administrative Regional Court upheld the AS Aizkraukles Banka claim for cancelling the State Revenue Service request dated 9 May 2007 for provision of information on the bank’s customer, reported the press-centre of Aizkraukles Banka.   

The State Revenue Service request has been made pursuant to tax administration of some foreign country demanding information on a bank’s customer that was neither a Latvian nor that country taxpayer.

According to the provisions of the Credit Institution Law regulating information disclosure, Aizkraukles Banka refused to provide the requested information and, following the legal procedure, brought an action to the court for cancelling the request inconsistent with the legislation.

The court adjudicated in favour of AS Aizkraukles Banka, the judgement entered into force and is without appeal. Pursuant to the court judgement, the State Revenue Service request for information has been cancelled.

The court judgement is very important for Latvian banking system in general and the banks’ customers–foreign residents, since it demonstrates efficiency of the Latvian legislation regulating banking secrecy.

This situation adds to the case law and will be taken into account when hearing similar cases, thus strengthening confidentiality of the customers’ information entrusted to the bank.