Bank secrecy

(ii) Bank secrecy

Elimination or curtailment of bank secrecy

Removing impediments to criminal investigations related to bank secrecy

Problems with exchange of information on request de facto bank secrecy

Otherwise, de facto bank secrecy in the transmitting State can result.

Such evasion was facilitated by bank secrecy and other confidentiality laws.

(b) The elimination of bank secrecy laws that may impede the operation of States Parties anti money laundering programmes One country expressed reservations regarding the elimination of bank secrecy.

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

10. Furthermore, the need to address the question of limiting bank secrecy was stressed.

Concerning the Code of Criminal Procedure, bank secrecy may not be invoked before a court.

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

(iv) Removal of bank secrecy impediments to efforts directed at preventing, investigating and punishing money laundering

2. Subject to domestic legislation, legal assistance shall include also the delivery of information constituting bank secrecy.

2. Subject to domestic legislation, legal assistance shall include also the delivery of information constituting bank secrecy.

quot 2. Subject to domestic legislation, legal assistance shall include also the delivery of information constituting bank secrecy.

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

States Parties shall not refrain from acting under the provisions of this paragraph on the ground of bank secrecy.

2005 OECD article 26 and the suggested changes to UN Model article 26 will facilitate effective exchange of information by overriding bank secrecy and other confidentiality laws in the transmitting State (de jure bank secrecy) but those articles do not require the transmitting State to obtain sufficient information to overcome the de facto bank secrecy in the transmitting State in the fact situations described in paragraphs 47 and 48, and 51 and 53 above.

Secrecy

Secrecy

Secrecy .

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

The disclosure of any information by the bank concerned pursuant to the provisions of this article is not regarded as dereliction of the duty of bank secrecy and neither that bank nor the Central Bank assumes any consequential liability.

The result de facto bank secrecy in the transmitting State which is not overridden by 2005 OECD article 26 in spite of the override in article 26 (5) and in the suggested revised UN Model article 26 (5) of bank secrecy and other confidentiality laws in the transmitting State.

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.

Ecuador informed that its domestic legislation protected bank secrecy with the exception of investigation related to drug trafficking and money laundering.

In connection with bank secrecy, Mexico suggested that the provision of information should always be consistent with the relevant domestic legislation.

The result is de facto bank secrecy in the transmitting State and because of such de facto bank secrecy in the transmitting State, the foreign person may attempt to evade any applicable tax in his her its country of residence, the receiving State, which does not receive the relevant information.

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

Perfect forward secrecy

The convention should also ensure that bank secrecy and the lack of transparency in financial transactions no longer constituted barriers to criminal investigations.

This plan requires secrecy.

Article 40 thereof presents another line of attack against bank secrecy, providing that (e)ach State party shall ensure that, in the case of domestic criminal investigations of offences established in accordance with this Convention, there are appropriate mechanisms available within its domestic legal system to overcome obstacles that may arise out of the application of bank secrecy laws .

Likewise, the Bush administration opposed the OECD initiative to restrict bank secrecy until it realized that secret bank accounts help finance terrorists. Since then, it has shown that it can close secret bank accounts, but has chosen to do so only for terrorists.

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.

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.

She swore me to secrecy.

The Commentary (para. 19.10) on 2005 OECD article 26 (5) confirms, in relevant part, that (t)he vast majority of OECD member countries override bank secrecy laws

Lastly, developing country jurisdictions that currently relied upon bank secrecy and tax free treatment for revenue should be assisted in their transitions to other revenue producing activities.

In view of the complex nature of corrupt practices and the difficulties in detecting and investigating related crimes, the elimination or curtailment of bank secrecy is essential.

V. PROFESSIONAL SECRECY AND PERSONAL IMMUNITY

The most significant change in 2005 OECD article 26 is the addition of article 26 (5), which provides generally for an override of bank secrecy laws as follows

A new law had also been enacted to extend the scope of police operations to combat organized crime and included special provisions governing bank secrecy and phone tapping.