ABSTRACT
This chapter explains the distinction between privacy and legitimate confidentiality on the one hand, and concealment on the other, and their legitimacy or abuse, with reference to commercial and trade law and practice, principles of corporate governance and applicable business human rights. It looks at the legitimate limits of commercial confidentiality. Accountability avoidance through secrecy and through the ability to exercise control over how and if information is disseminated is inherently bound up with privacy: secrecy and information control are two examples of often overlapping defining markers of privacy. The Islamic Financial Services Board describes itself as “an international standard-setting organisation that promotes and enhances the soundness and stability of the Islamic financial services industry by issuing global prudential standards and guiding principles for the industry, broadly defined to include banking, capital markets and insurance sectors”.
