The Professional Conflict Pertaining to Confidentiality—The Obligation of Disclosure for Intermediaries of Financial Transactions

Mihaela Tofan () and Alina-Adriana Arseni
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Mihaela Tofan: JM Centre of Excellence European Financial Resilience and Regulation, University Alexandru Ioan Cuza of Iasi, 700506 Iasi, Romania
Alina-Adriana Arseni: Dobrinescu Dobrev SCA, 040253 Bucuresti, Romania

Laws, 2023, vol. 13, issue 1, 1-14

Abstract: The present study aims at providing an overview of the international, European, and national legal frameworks relating to the obligation of intermediaries of financial transactions to report to tax authorities, and the professional secrecy which applies to their professions, as well as the conflict between the two. The authors address these topics from theoretical and jurisprudential perspectives, both at national and European levels, using doctrinaire, documentary, and comparative approaches. The analyses pointed out that the focus is placed on lawyer–intermediaries’ activities and liabilities when their activity is covered by confidentiality and legal privilege. Specific attention was revealed to be necessary when the conditions under which an exemption from the reporting obligation applies, and the particularities of the effects of the regulation in these scenarios. The topic of observing the legal framework and solving the possible conflicts generated by the divergent regulation of the law enforced has been the subject matter of recent European case laws that impact all the legal systems of the European Union’s member states, which has necessitated an examination of the hierarchy of law systems within the European Union member states and to emphasize the practical jurisprudential effects.

Keywords: professional secrecy; legal professional privilege; cross-border arrangement; reporting obligation; intermediaries (search for similar items in EconPapers)
JEL-codes: D78 E61 E62 F13 F42 F68 K0 K1 K2 K3 K4 (search for similar items in EconPapers)
Date: 2023
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