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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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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IBC amendment: Companies shouldn’t be allowed to go scot free

Business Line 16 Dec 2019
... to a subsidiary or associate, which in turn gives a similar loan to another and so on in a labyrinthine route, till the trail fades away into a distant but convenient tax haven (with banking secrecy laws thrown in for good measure) like the Bahamas, Camay Island, Panama etc....
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Tommy Thomas yanks appeal against Rafizi’s acquittal

Malaysia Today 13 Dec 2019
(MMO) – Prosecutors have withdrawn their notice of appeal against PKR vice president Rafizi Ramli’s acquittal for breaching banking secrecy laws....
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HSBC to pay about $200 million for helping rich Americans hide money

Yahoo Daily News 11 Dec 2019
As well as relying on Swiss bank secrecy to hide the untaxed cash ... “How ironic—no, how perverse—that the USA, which has been so sanctimonious in its condemnation of Swiss banks, has become the banking secrecy jurisdiction du jour,” a lawyer at a Zurich law firm wrote at the time....
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SHC disposes banks’ petitions against data sharing with FBR

The News International 06 Dec 2019
The implementation of the law remained suspended for the past six years as banks invoked secrecy laws for not providing the details of transactions ... The implementation of the law remained suspended for the past six years as banks invoked secrecy laws for not providing the details of transactions....
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Hawaiian Gardens casino to pay California $3.15 million, admits misleading regulators

The Los Angeles Times 05 Dec 2019
Casino operators neglected to mention that two months earlier, the Financial Crimes Enforcement Network, or FinCEN, had handed the casino a $2.8-million penalty for violating the Bank Secrecy Act, a federal law meant to counteract money laundering, a deputy attorney general wrote....
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Caesars Entertainment Corporation Announces Expiration of Consent Solicitation and Receipt of Requisite Consents With Respect ...

Dothan Eagle 28 Nov 2019
(i) the inability to complete the Acquisition due to the failure to satisfy conditions to completion of the Acquisition, including the receipt of all gaming and other regulatory approvals related to the Acquisition; (ii) uncertainties as to the timing of the completion of the ......
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The Weekly Hash – November 18 – 22

Kraken 25 Nov 2019
... MSB with FinCEN, meaning firms dealing with them must follow federal KYC/AML laws under the Bank Secrecy Act, “FinCEN applies the same technology neutral regulatory framework to any activity that provides the same functionality at the same level or risk, regardless of its label....
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Collins Community Credit Union expanding into Illinois

Cedar Rapids Gazette 22 Nov 2019
In March, the FDIC placed First Savanna under a consent order because of unsafe and unsound banking practices and alleged violations of laws and regulations of the Bank Secrecy Act ... and alleged Bank Secrecy Act violations, it consented to the order, according the FDIC document....
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