Bank Secrecy

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Bank Secrecy

 

the withholding of information about the transactions, accounts, and deposits of the clients of banks and other credit institutions. Guaranteeing bank secrecy is the duty of credit institutions; they give out information about transactions, accounts, and deposits only in cases indicated in the laws. In the USSR, the proprietors of accounts (deposits), their representatives, higher organizations, and also judicial, investigatory, and financial organs (the latter only for transactions and accounts of juridical persons) have the right to such information. The regulations of banks and savings banks in the USSR stipulate that it is the obligation of the employees of these institutions to maintain secrecy concerning transactions, accounts, and deposits.

References in periodicals archive ?
Global Banking News-November 16, 2015--Indian PM calls for an end to banking secrecy
Summary: The Lebanese authorities lifted the banking secrecy on 13 bank accounts for suspicion of money laundering, terrorism funding and financial embezzlement in 2014 and are investigating more cases, the Special Investigation Commission said.
Main objective of this deal is to eliminate banking secrecy and reduce international tax fraud and evasion.
Switzerland and Singapore joined the growing ranks of countries agreeing to share tax information in a major breakthrough against banking secrecy, the OECD said.
This agreement represents further progress for the US in breaking down Swiss banking secrecy and extracting information on potential US tax evaders," said Ben Jones, tax expert at global law firm Eversheds.
Summary: Tax evasion and banking secrecy, hot topics and top targets because of the financial crises and austerity, could be the focus of strong statements at the Group of Eight meeting this week.
Summary: Belfast: Tax evasion and banking secrecy, hot topics and top targets because of the financial .
Decades of banking secrecy helped Luxembourg to establish what is now one of the biggest financial centers in Europe and to make its citizens the region's wealthiest in terms of per-capita income.
The European Commission warned Austria on Monday that its banking secrecy would put it in a "lonely and unsustainable position" if it did not adopt the same rules as other countries in sharing data on foreign depositors.
On the weekend, Luxembourg's Finance Minister Luc Frieden said that his country might loosen its banking secrecy, which would leave Austria in an increasingly isolated position.
Topics include Luxembourg's new tax policy, consequences of Luxembourg's bank secrecy law, savings taxation and banking secrecy, mutual assistance directives, development of the international information exchange and domestic implementation, data protection as a fundamental right, and French, German, and Swiss perspectives on information exchange.
The issue of banking secrecy is touted as being a requirement of the OECD, which is completely false, and we think what they are doing is looking to remove bank secrecy for tax purposes, to which we fully disagree", explained Andres Castillo, president of the Coordinating Committee for Agricultural, Commercial, Industrial and Financial Associations (Cacif).
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