Bank secrecy

Bank secrecy (or bank privacy) is a legal principle in some jurisdictions under which banks are not allowed to provide to authorities personal and account information about their customers unless certain conditions apply (for example, a criminal complaint has been filed). In some cases, additional privacy is provided to beneficial owners through the use of numbered bank accounts or otherwise. Bank secrecy is prevalent in certain countries such as Switzerland, Lebanon, Singapore and Luxembourg, as well as offshore banks and other tax havens under voluntary or statutory privacy provisions.

Created by the Swiss Banking Act of 1934, which led to the famous Swiss bank numbered account, the principle of bank secrecy is always considered one of the main aspects of private banking. It has also been accused by NGOs and governments of being one of the main instruments of underground economy and organized crime, in particular following the class action suit against the Vatican Bank in the 1990s, the Clearstream scandal and the terrorist attacks of September 11, 2001. Former bank employees from banks in Switzerland (UBS, Julius Baer) and Liechtenstein (LGT Group) have testified that their former institutions helped clients evade billions of dollars in taxes by routing money through offshore havens in the Caribbean and Switzerland. One of these, Rudolf M. Elmer, wrote, "It is a global problem...Offshore tax evasion is the biggest theft among societies and neighbor states in this world." The Swiss Parliament ratified on June 17, 2010 an agreement between the Swiss and the United States governments allowing UBS to transmit to the US authorities information concerning 4,450 American clients of UBS suspected of tax evasion.

Latest News for: Bank secrecy laws

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Trump’s Budget Proposal For Fiscal Year 2021 Considers the Return of US Secret Service to ...

Crypto Economy 11 Feb 2020
These resources would enhance FinCEN’s protection of data collected under the Bank Secrecy Act, which would increase its value to law enforcement agencies, and expand its efforts to combat emerging virtual currency and cybercrime threats.”....
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Trump Views Crypto a Threat, Proposes Countermeasures in New Budget

Bitcoin 11 Feb 2020
Established in 1865, the federal law ... These resources would enhance FinCEN’s protection of data collected under the Bank Secrecy Act, which would increase its value to law enforcement agencies, and expand its efforts to combat emerging virtual currency and cybercrime threats....
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IMF: PH economic outlook positive despite headwinds

Sun Star 10 Feb 2020
... the further lifting of restrictions on foreign direct investments, broadening of scope of poverty reduction efforts, mobilization of resources for climate change adaptation and mitigation, robust implementation of the AML/CFT regime, and easing of the stringent bank secrecy law....
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US Congress Mentions XRP and Ripple During Tech Discussion

Bitcoinist 01 Feb 2020
He also mentioned Bitcoin, Ethereum, EOS, Monero, Zcash, The Plastic Bank, and M-Pesa, citing exciting innovations in digital payments technologies ... This isn’t Ripple’s first run in with the law, in 2015, they were fined for violating the Bank Secrecy Act and were fined $700,000 dollars....
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Bassil tells Lebanese protesters: I am not going anywhere

Gulf News 24 Jan 2020
Bassil is the son-in-law of President Michel Aoun and many say he himself harbors presidential aspirations ... Bassil took aim at those who consider him corrupt, defending himself as “the first one in Lebanon to reveal my accounts,’’ and listing steps including pushing for laws that would limit bank secrecy and immunity of public servants....
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Lawmaker targeted by Lebanese protests rejects calls to quit

Lebanon Express 23 Jan 2020
Bassil is the son-in-law of President Michel Aoun and many say he himself harbors presidential aspirations ... Bassil took aim at those who consider him corrupt, defending himself as “the first one in Lebanon to reveal my accounts,” and listing steps including pushing for laws that would limit bank secrecy and immunity of public servants....
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Interest Rates and the Great Global Crisis

Armstrong Economics 22 Jan 2020
Yes, most people have no idea that Hitler had passed similar laws that made it illegal to have a bank account outside the country. That prompted Switzerland to adopt its secrecy laws ... The rule of law in England at the time of the American Revolution had 240 felonies ... The criminal law is far too often used for the financial gain of the state....
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The Chamber of Digital Commerce Files An Amicus Brief in Telegram-SEC Conflict

Crypto Economy 22 Jan 2020
Other activities involving digital assets may also be subject to the Bank Secrecy Act, federal and state consumer protection laws, state money transmitter licensing laws, and state laws specific to virtual currency transactions, such as New York’s Virtual Currency Business Activity law....
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BSP plans sale of debt paper in second quarter

Manila Standard Today 19 Jan 2020
These bills include amendments to the Bank Deposit Secrecy laws, the Financial Consumer Protection bill and the Agricultural Financing reforms, among others ... Proposed amendments to the Bank Deposit Secrecy laws aim to make financial institutions comply with international standards ......
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Gasper named Senior VP

Wayne Independent 17 Jan 2020
... Bank Secrecy Act Program and ensure that all regulatory laws and requirements are adhered to....
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Peter McCormack’s Bitcoin ATM Podcast #1 – Operating Bitcoin ATM with Gil Valentine and Eric Gravengaard

Coin ATM Radar 14 Jan 2020
In other countries they follow BSA (US Bank Secrecy Act), which is less stringent than Colombian or Argentinian law, but limits per person per day are lower than in the U.S ... To scale business the obstacle is that it is a cash based business, which is hard to get banking ......
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American Cities Are Becoming Shell Companies For the Rich

Truth Dig 26 Dec 2019
Thanks to the Bank Secrecy Act, a 1970 anti-money-laundering law, the agency is able to learn who owns many of these properties ... In response, the government initially refused to even acknowledge that it has this information, saying it could “neither confirm nor deny the existence of the materials,” citing the Bank Secrecy Act....
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Unmasking the Secret Landlords Buying Up US Properties

truthout 19 Dec 2019
Thanks to the Bank Secrecy Act, a 1970 anti-money-laundering law, the agency is able to learn who owns many of these properties ... In response, the government initially refused to even acknowledge that it has this information, saying it could “neither confirm nor deny the existence of the materials,” citing the Bank Secrecy Act....
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