Yes, the information is kept in confidence. According to the Law, information submitted to the Authority is classified and is not accessible by un-authorized persons. The Authority may only transfer information in accordance with statutory provisions and for the investigation of money laundering violations or for matters of national security and for fighting terror organizations.
Possibly, the Law may be in such contradiction to a certain degree. However, as with other laws, the legislative body is required to balance different values. In this case - the values of personal privacy and banking confidentiality on the one hand and the fight against money laundering and crime on the other hand. The legislative body, being aware of the potential conflict between these values, attempted to maintain a balance between them. Thus, the Law stipulates that information would be provided to a qualified Authority at the Ministry of Justice, which is authorized to transfer such information only to certain law enforcement agencies, in accordance with the provisions of the Law and subject to its conditions.