Armenia’s Constitutional Court recognizes amendments to banking secrecy law as not compliant with Constitution

YEREVAN, June 19. /ARKA/. The Constitutional Court of Armenia on Friday has recognized the bill amending the Criminal Procedure Code and the Banking Secrecy Law as not compliant with the Constitution, the press service of the Constitutional Court reported on Thursday.

On January 22, 2020, the National Assembly of Armenia approved amendments to the laws on criminal procedure and on banking secrecy, which proposed the removal of restrictions on bank secrecy. In particular, previously it was possible to disclose bank secrecy only with respect to suspects and accused, while the amendments proposed to remove these restrictions.

Specific mechanisms of guarantees and restrictions are provided. In particular, the requirements for the motions submitted [on access to information – ed.] have been strengthened, and a guarantee has been established in the form of a mechanism for prosecutorial supervision, up to the point that such motions must be approved by the prosecutor general or his deputy.

The president of Armenia, upon signing, had suspicions regarding these changes, and on February 6, he appealed to the Constitutional Court on this issue.

After consideration, the Constitutional Court passed a verdict recognizing that paragraph 2 of part 1 of the bill approved by parliament on amendments to the Code of Criminal Procedure did not comply with part 1 of article 61 (right to judicial protection and the right to appeal to international defense bodies human rights), as well as articles 75 (Organizational mechanisms and procedures for the implementation of fundamental rights and freedoms), 78 (Principle of proportionality) and 79 (Principle of certainty) of the Constitution of Armenia.

In addition, the Constitutional Court recognized that the bill on amendments to the law on bank secrecy, approved by the National Assembly, does not comply with part 1 of article 61, as well as articles 75, 78 and 79 of the Armenian Constitution. -0-

spot_img

POPULAR

Unibank provided cashback to more than 2 000 reliable SME borrowers

In the first quarter of 2026, Unibank’s SME loan portfolio increased by 28% compared to the same period last year.

Loans issued by Armenian commercial banks exceeded 8.16 trillion drams at the end of March

The volume of loans issued by commercial banks in Armenia as of the end of March 2026 amounted to 8,163,745 million drams, compared to 8,035,184 million drams at the end of February, according to data from the Statistical Committee.

Yerevan’s budget revenues for the first four months amounted to 31.6 billion drams, with a 111.2% performance rate

From January to April 2026, the Yerevan budget actually received 31.6 billion drams of its planned 28.5 billion drams in revenues, according to David Hakobyan, Acting Head of the Revenue Accounting and Collection Department at the Yerevan City Hall.

Armbanks Weekly Digest: Key Events in Armenia’s Financial Market (May 11–17) 

Last week's agenda included issues of credit institution sustainability, public debt structure, capital market development, and digital financial services. Special attention was paid to SME access to bank financing, Open Banking, and insurance technologies.

Acba Bank and EFES launch a unique service in Armenia (VIDEO)

Acba Bank and EFES Insurance Company have introduced a unique service in Armenia – account insurance, which compensates for the loss of funds from clients' cards or accounts due to cyber fraud, the bank's press service reported.

LATEST NEWS

spot_imgspot_imgspot_img