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Bank Secrecy
(redirected from Banking 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.
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Bank Secrecy Act has also been amended in a way that prevents banking secrecy from hindering efforts exerted for combating money laundering and financing terrorism.
U.S. Treasury Department Hails Syria's Procedures in AML by Syrian Arab News Agency (SANA)
It was one in a series of agreements that Switzerland, under pressure from the Paris-based OECD economic body, has signed in recent months to ease banking secrecy laws that are widely regarded as an aid to tax evasion.
World tax evasion hunt heats up, France takes action by AFP / AFP Global Edition
Under Swiss banking secrecy law, banks in Switzerland are prohibited from divulging information to authorities or third parties about their clients, except in cases involving recognized criminal investigations.
UBS to name 4,450 US clients in tax-evasion probe by AFP / AFP American Edition
 
 
 
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