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


Ledac includes 10 more bills as priority legislations

Sun Star 21 Sep 2023
Other measures are the Waste-to-Energy Bill, National Disease Prevention Management Authority, Amendments to the Banking Act or the Fund Secrecy Law, Medical Reserve Corps, Virology Institute of the Philippines, E-Governance Act, New Philippine Passport Act, the National ......

Congress on track to pass 20 priority bills

The Manila Times 20 Sep 2023
... Program; valuation reform bill (package 3); e-governance bill; Ease of Paying Taxes; waste-to-energy bill; New Philippine Passport Act; Magna Carta for Seafarers; national government rightsizing bill; Anti-Financial Account Scamming Act; and amendment of the bank secrecy law....

LEDAC priority bills set to be passed; Speaker sees them done by yearend

Manila Standard 20 Sep 2023
... Prevention; 3) Internet Transaction Act/ E-Commerce Law; ... 10) Waste-to-Energy Bill; 11) New Philippine Passport Act; 12) Magna Carta of Seafarers; 13) Rightsizing the National Government; 14) Anti-Financial Account Scamming Act (AFASA); and 15) Amendment to the Bank Secrecy Law....

PBBM's 20 priority bills on track for passage by December—Palace

Manila Bulletin 20 Sep 2023
Other measures are the Waste-to-Energy Bill, National Disease Prevention Management Authority, Amendments to the Banking Act or the Fund Secrecy Law, Medical Reserve Corps, Virology Institute of the Philippines, E-Governance Act, New Philippine Passport Act, the National ......

2 bills to go: House poised to complete LEDAC list 3 months in advance

Manila Bulletin 20 Sep 2023
House Speaker Martin Romualdez (Speaker’s office) ... House Speaker Martin Romualdez presented this report during the full council meeting on Wednesday morning, Sept ... 1 ... National Disease Prevention Management Authority or Center for Disease Control and Prevention, 3.Internet Transaction Act/ E-Commerce Law, 4 ... Amendment to the Bank Secrecy Law ... 19 ... ....

Steal of a lifetime

Boston Herald 17 Sep 2023
The sudden acquisition meant melting the gold bars, converting them into British pounds and making them “disappear” as Scotland Yard was on the trail of what became an international hunt involving Swiss bank account secrecy, murder and international extradition law ...I’ve been aware of this story obviously my whole life ... Writing in the grey.” ... Tags....

Lack of action on urgent reforms weighing heavily on Lebanon's economy, IMF says

The National 15 Sep 2023
“While work is progressing well on a revised bank resolution law, it needs to be completed so that the law can be resubmitted to Parliament. Amendments to the bank secrecy law, which are aimed at addressing deficiencies, and the draft law on capital controls and deposit withdrawals, are still awaiting parliamentary approval,” the team concluded....

Comelec ready to take on 'modern vote-buying', Garcia tells solons

Manila Bulletin 12 Sep 2023
(Unsplash) ... Garcia gave this guarantee to solons Monday, Sept ... "Kausap po namin ang BSP at tsaka AMLC. Kahit po sabihin na natin wala sa batas, sa ating pong Bank Secrecy Law. At tsaka sa Anti Money-Laundeing Law, wala po sa batas ... Even if tther are no provisions in either the Bank Secrecy Law or the Anti Money-Laundeing Law ... 30, 2023. ....

Global effort needed to combat corruption and recover stolen assets

Phys Dot Org 11 Sep 2023
However, law enforcement agencies in one country have limited capacity to obtain evidence and information from another, especially when facing corruption at a high level, but also simply because of the local banking and commercial secrecy laws in various jurisdictions....

CFTC Takes Regulatory Action Against DeFi Protocols for Derivatives Violations

Bitcoin World 08 Sep 2023
The regulatory body accused them of failing to register their derivatives trading services, breaking federal law. Moreover, Deridex and Opyn were charged with violating client protections under the Bank Secrecy Act ... This development is a stark reminder that while the crypto world is rapidly evolving, it is not immune to existing laws and regulations....

What Are The Immediate Regulatory Actions For A Safer And Innovative Crypto Market Future?

Cryptopolitan 07 Sep 2023
According to a new framework, the president is considering asking Congress to modify existing financial laws like the Bank Secrecy Act to explicitly include digital asset service providers, such as crypto exchanges and NFT platforms ... Lastly, rigorous law enforcement must continue....

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