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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Lebanese leaders defies Hezbollah, but is it enough?

The Jerusalem Post 27 May 2022
LF is now the largest party in the parliament ... (credit ... But this funding is dependent on significant reforms, including cabinet approval for a debt restructuring plan, the passing of a new bank secrecy law, and the approval of a new budget ... Current President Aoun and his supporters had expected an easy selection for his son-in-law, Gebran Bassil ... ....
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Roundup: Lebanese economists voice concerns over new financial recovery plan

China.dot.org 25 May 2022
The plan also includes IMF-required measures such as amending Lebanon's banking secrecy law, banking restructuring law, and a capital control law that aims to bring Lebanon up to international standards in the battle against corruption but have repeatedly failed to pass in the parliament....
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Cannabis Fintech Abaca Announces Mississippi Expansion

Capital Press 24 May 2022
Financial institutions cite the heavy compliance burden created by the Bank Secrecy Act and other anti-money laundering laws, as well as complications stemming from the conflict between federal and state laws over the legality of cannabis as the reason for not serving the industry....
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Outgoing Lebanon government approves economic recovery plan

Yahoo Daily News 21 May 2022
BEIRUT (AP) — Lebanon’s outgoing government on Friday approved a recovery plan for pulling the Mideast nation out of its economic meltdown, the country's information minister said ... However, Parliament still has to approve the plan, which includes restructuring the country’s hard-hit banking sector and amending decades-old banking secrecy laws....
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US urges swift formation of Lebanon government

Gulf News 21 May 2022
Washington ... The US statement saluted the holding of elections on time but voiced concerns about “allegations of vote buying, clientelism and reports of intimidation.” ... However, Parliament still has to approve the plan, which includes restructuring the country’s hard-hit banking sector and amending decades-old banking secrecy laws ... Also read ... ....
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Lebanese gov't adopts economic recovery plan amid financial meltdown

China.dot.org 20 May 2022
Several measures in the plan are what the International Monetary Fund has required for its bailout, such as restructuring the banking sector and reforming a banking secrecy law ... Prime Minister Najib Mikati said the plan will protect small depositors "to the maximum extent possible" in each viable bank....
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Lebanon cabinet passes financial recovery plan

The New Arab 20 May 2022
The plan includes several measures that are prerequisites for an International Monetary Fund bailout, including a plan to restructure the banking sector and reforming a banking secrecy law ... In late April, the Association of the Banks in Lebanon (ABL) rejected a draft government ......
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Casino’s sports betting initiative would put California cardrooms out of business, coalition says

SiliconValley.com 20 May 2022
The casino was fined for misleading gambling regulators and violating the Bank Secrecy Act, a federal law intended to combat money laundering ... late last year to resolve an investigation into alleged violations of the anti-money laundering provisions of the Bank Secrecy Act....
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Lebanon cabinet passes financial recovery plan -ministerial sources

Metro USA 20 May 2022
The plan includes several measures that are prerequisites for an International Monetary Fund bailout, including a plan to restructure the banking sector and reforming a banking secrecy law ... In late April, the Association of the Banks in Lebanon (ABL) rejected a draft government ......
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Lebanon cabinet passes financial recovery plan: Ministerial sources

Arab News 20 May 2022
The plan includes several measures that are prerequisites for an International Monetary Fund bailout, including a plan to restructure the banking sector and reforming a banking secrecy law ... In late April, the Association of the Banks in Lebanon (ABL) rejected a draft government ......
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Casino’s sports betting initiative would put cardrooms out of business, coalition says

LA Daily News 20 May 2022
The casino was fined for misleading gambling regulators and violating the Bank Secrecy Act, a federal law intended to combat money laundering ... late last year to resolve an investigation into alleged violations of the anti-money laundering provisions of the Bank Secrecy Act....
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CORRECTION – FinWise Bancorp

Kentucky New Era 16 May 2022
(a) conditions relating to the Covid-19 pandemic, including the severity and duration of the associated economic slowdown either nationally or in the Company’s market areas, and the response of governmental authorities to the Covid-19 pandemic and the Company’s participation in ......
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This is Lebanon’s make or break election

Gulf News 13 May 2022
Among other things, the IMF is asking Lebanon to float its exchange rate, monitor government spending, revamp the electricity sector, combat corruption in the public sector, and introduce one law for capital control and another for banking secrecy ... terms for bank withdrawals....

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