The head of the Philippines central bank, Bangko Sentral ng Pilipinas (BSP), has called for measures to ease banking secrecy
NNA - MP Sami Gemayel, on Thursday stepped up calls in a joint press conference with MP Paula Yacoubian at the House of Parliament for the approval of a proposal to lift the banking secrecy
law as soon as possible.
LAUSANNE, Switzerland - Switzerland's highest court ruled on Wednesday that prosecutors cannot extend Swiss banking secrecy
rules to all corners of the globe to pursue whistleblowers and other leakers at foreign subsidiaries.
It resolved the issue of banking secrecy
information disclosure (by banks) in electronic format.
Riad Salameh Wednesday reaffirmed Lebanon's commitment to banking secrecy
, noting that this can only be removed through a legal mechanism in cases of illegal financial activity.
Elimination of banking secrecy
is of the utmost importance.
Nearby Singapore and Hong Kong remain growing hotbeds for storage of offshore wealth, even more so with the erosion of Swiss banking secrecy
. (54) Though there have been some steps towards international tax compliance and a gradual lifting of bank account secrecy, it remains to be seen whether the Philippines will be able to fully establish Western levels of transparency in the immediate future.
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.
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.
In Switzerland, banking secrecy
has for decades been seen as an immutable practice aimed at privacy protection, in the same way as medical confidentiality.
Austria's banks, the leading lenders in emerging Europe, at times use banking secrecy
as a marketing tool, noting that only a constitutional amendment could end the centuries-old practice.
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.