Bank secrecy

Override of bank secrecy and other confidentiality laws in the transmitting State

(d) Whether the obligation to exchange information should override bank secrecy and other confidentiality laws in the transmitting State

Problems with exchange of information on request de facto bank secrecy

Participating States note that the Member States of the European Union are bound to apply the EU legal instruments related to terrorism, transnational organized crime and corruption.

Paragraph 8 of article 18 deals with the refusal of mutual legal assistance on the ground of bank secrecy.

Bank secrecy has been one of the major obstacles to criminal investigations in money laundering offences.

It should be noted that, responding to a question on bank secrecy in the context of article 18 (mutual legal assistance), a few States indicated that bank secrecy could be a ground for declining the granting of mutual legal assistance (see paras. 91 and 92 below).

8. States Parties shall not decline to render mutual legal assistance pursuant to this article on the ground of bank secrecy.

8. States Parties shall not decline to render mutual legal assistance pursuant to this article on the ground of bank secrecy.

There are no restrictions on foreign exchange or capital movement, and bank secrecy is strictly enforced.

In answer to a further question, Namibia indicated that bank secrecy was not an obstacle to the provision of mutual legal assistance.

When the OECD proposed an agreement to restrict bank secrecy, the Bush administration vetoed that initiative, too.

Algeria, Belarus and El Salvador, however, indicated that bank secrecy was a ground for refusal of assistance under their domestic legal framework.

The most significant recent development is that exchange of information provisions in tax treaties should override bank secrecy and other confidentiality laws in the transmitting State.

Secret bank accounts not only support terrorism, but also facilitate the corruption that undermines development.

The 2000 OECD report (preface and chaps. 1, 2 and 3) also stressed the importance of ensuring that exchange of information provisions in tax matters would override bank secrecy and other confidentiality laws.

The OECD Model TIEA (article 5 (4)) provides in effect for an override in certain instances of bank secrecy and other confidentiality rules (see the Commentary on the OECD Model TIEA, paras.

Mutual legal assistance treaties that provide for refusal on the ground of bank secrecy will normally be automatically invalidated between parties to the Convention.

Confidentiality

Since then, it has shown that it can close secret bank accounts, but has chosen to do so only for terrorists.

This doesn't look much like the old 2nd Company.

The Swiss have also been under EU and sometimes international pressure to reduce banking secrecy and to raise tax rates to parity with the EU.

For example, recent multifaceted efforts to combat corruption have added to the pressure exerted by the initiatives against bank secrecy.

Can the transmitting State validly claim that it engages in effective exchange of information if it permits such de facto bank secrecy?

(c) A comprehensive international convention on money laundering that addresses the issues of bank secrecy and the development of financial havens needs to be negotiated and endorsed by the General Assembly (para. 174)

There are also provisions concerning confidential and non confidential information.

Confidential records

Confidentiality

Human resources

Undercover operations

(6) Confidentiality

Company... halt!

Secret Room! Secret Room!

GENEVA Leaders of the G 20 have now declared that the era of banking secrecy is over, and have threatened to take action against non cooperative jurisdictions, including tax havens.

Likewise, the Bush administration opposed the OECD initiative to restrict bank secrecy until it realized that secret bank accounts help finance terrorists.

The Banking Conundrum

Banking

Bank signatories

C. Bank interest 621

C. Bank interest

A decade of US secret and not so secret wars, drone attacks, and covert operations is enough.

7. For the purpose of this article and article 55 of this Convention, each State Party shall empower its courts or other competent authorities to order that bank, financial or commercial records be made available or seized. A State Party shall not decline to act under the provisions of this paragraph on the ground of bank secrecy.

6. For the purposes of this article and article 13 of this Convention, each State Party shall empower its courts or other competent authorities to order that bank, financial or commercial records be made available or be seized. States Parties shall not decline to act under the provisions of this paragraph on the ground of bank secrecy.

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