International Bank Secrecy

The regulation of secret bank accounts and transactions has at its root the interest of governments in controlling international drug trafficking and the insider trading of securities in fighting international crime, and in preventing the evasion of taxes. Recent events - from the Iran-Contra scandal in the USA to the BCCI collapse in Europe - have highlighted the volatility of the banking secrecy issue. The advent of the Single Market in Europe and its implications for the banking industry and the movement of funds throughout the world, further establishes banking secrecy as an issue of prime importance to regulators, businesses, investors and those who advise them. "International Bank Secrecy" provides a country-by-country survey of bank secrecy laws and policies in so-called bank secrecy jurisdictions as well as among major countries whose laws provide for lesser degrees of confidentiality. Covering 31 jurisdictions, the authors of each chapter examine the legal structures through which banking secrecy is exploited and the attitude and policies of the authorities involved.