X hits on this document

171 views

0 shares

0 downloads

0 comments

13 / 65

6

the bank complied. This decision highlights the lack of comity of nations displayed by

United States federal authorities when dealing with matters in relation to bank secrecy

and confidentiality.

The circumvention by the United States Assistant Attorney of the local judicial system in

The Bahamas, Cayman Islands and Antigua should have been emphatically rejected by

the United States District Court. Indeed, in the United States federal investigators must

comply with certain procedures before they are granted access to records protected under

the United States’ Right to Financial Privacy Act..15 The Assistant United States Attorney

D. Lowell Jensen exclaimed in reaction to the Scotia Bank case and other similar cases “

it is a mistake to condemn bank secrecy…because it is being abused in some

jurisdictions. Persons and companies transacting business with and through banks are

entitled to a reasonable degree of privacy in connection with such business transactions.

The United States itself, through the Right of Financial Privacy Act, recognizes this right.

The critical question is…whether the country has built into its laws effective and efficient

means of piercing bank secrecy where there is reasonable suspicion that a bank account

has been used in connection with a crime or has been the depository of a crime.”16

The point here is evidently there is arguably a need for jurisdictions that operate a level of

confidentiality. The total revamping or elimination of such centers would leave a vacuum

in several spheres of the international banking environment particularly with respect to

14

740 F.2d 817

15

See 12 U.S.C. 3413(i) (1983)

Document info
Document views171
Page views171
Page last viewedMon Dec 05 00:03:46 UTC 2016
Pages65
Paragraphs1260
Words16185

Comments