Banking secrecy refers to the practice of keeping a customer's financial information confidential. This means that banks are legally obligated to protect the privacy of their clients and not disclose their personal or account details to unauthorized parties. This principle is often associated with certain countries that have strict laws to safeguard banking information. However, banking secrecy has come under scrutiny due to concerns about tax evasion and money laundering. Governments and international organizations, such as the OECD, have pushed for greater transparency in the financial sector. As a result, some countries have begun to relax their banking secrecy laws to comply with global standards.