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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Coerced Donations To BJP May Be Mother Of All Scams Under Modi Government

The Arabian Post 25 Feb 2024
The government is citing even the secrecy angle in the banking laws to thwart disclosures, which the ruling party feels would be highly embarrassing whenever it happens ... The court has asked the State Bank of India to submit details of all bonds purchased since the apex ......
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US Treasury once again points out money laundering risks of cryptocurrencies and DeFi

OBN 10 Feb 2024
Plans to announce strategy to combat illegal finance. On the 7th, the U.S. Department of the Treasury released its 2024 risk assessment report on money laundering, terrorist financing, and more. We also analyze cases and risks of criminal organizations using crypto assets (virtual currency) and DeFi ... The U.S ... anti-money laundering law Bank Secrecy Act ... ....
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The Ghost of United Fruit Still Haunts Latin America

GlobalResearch 09 Feb 2024
The money-laundering Canadian banks dominate the Bahamian banking scene, hiding behind Bahamian bank secrecy and lax Canadian banking laws to shelter drug money ... And once the money is deposited, laws that forbid Bahamian bankers to disclose bank records ensure that it’s safe from investigation by foreign narcotics and tax agents ....
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The Ghost of United Fruit Still Haunts Latin America (Part 1)

Dissident Voice 09 Feb 2024
The money-laundering Canadian banks dominate the Bahamian banking scene, hiding behind Bahamian bank secrecy and lax Canadian banking laws to shelter drug money ... And once the money is deposited, laws that forbid Bahamian bankers to disclose bank records ensure that it’s safe from investigation by foreign narcotics and tax agents ”....
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MONEY LAUNDERING ENTITIES FUNDING USA INVASION!

Sierra County Sentinel 08 Feb 2024
The Bank Secrecy Act of 1970 (31 U.S.C. section 5311) is a law enforcement tool used against banks and financial institutions ... Is traitor Joe and Commie-Demon-Rats in ‘every state’ committing crimes of Racketeering, Drug/Human trafficking, Bank fraud, Wire fraud, Bribery and Extortion? The Money Laundering Control Act (MLCA) of 1986 (18 U.S.C ... ....
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