Banking Secrets to Be Disclosed to the State Revenue Committee: Will Capital Flight Occur from Armenian Banks?

The newspaper "Zhamanak" reports that the government, represented by the State Revenue Committee (SRC), has initiated amendments to the law on "Banking Secrets." According to these changes, banks will be obliged to provide the SRC with information considered banking secrets regarding their clients for the purposes of tax control within the SRC's jurisdiction.

Many believe that this will significantly weaken trust in banks and stimulate capital flight from our banking system.

For more details, refer to today’s edition of the newspaper.