Eugenio Grageda, partner at Holland & Knight: “Financial institutions in Mexico may only disclose information under very limited exceptions, including in cases where the information is solicited by taxing authorities for a fiscal purpose and when authorities request information through a warrant, such as in criminal cases. There is also a requirement that any action from authorities must expressly mention the reasons and legal grounds to support an intrusion. Considering these three requirements, the Supreme Court determined, as it has done previously, that the unwarranted request from tax authorities for bank statements derived from the tax audit process is constitutional. Its reasoning was mainly twofold: first, although privacy is subject to constitutional protection, such a right is limited by the legitimate interests of other citizens (for example, the benefits of tax collections); second, the legal grounds for the intrusion are satisfied because the law obliges the tax authorities to provide legal grounds to Mexico’s banking authority…”