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35

Accordingly, the initiatives by the OECD to greatly limit or abolish the bank secrecy

provisions have met some resistance. It is clear that the self-interest of the OECD has not

permeated the citizenry of their member states as there is widespread disagreement as to

the purpose, effects and benefits, if any, that will occur. Moreover, the entrepreneur and

the private investor would be severely limited in terms of his/her freedom of choice as to

the forum for choosing where to invest. This will, unequivocally, have an adverse impact

upon the major development of small states and of the developing world much of which

relies on the inbound investments from taxpayers in developing states. This undermining

of the success of small state economy as suggested by Congressman Dick Armey106 and

others will have some unpleasant repercussions for the major economies of scale in

particular the United States.

As a result, any negative impact on employment or lack of resources in the smaller states

within the Western Hemisphere will translate into an increase in immigrants. This further

strategically affects educational standards, as individuals from different backgrounds

must be educated differently, the health services become less accessible as demand

exceeds capabilities and, perhaps the worst of all, is the poverty is exacerbated. It is

generally accepted that an increase in immigrants does have an impact on the crime level

along with other societal problems as new citizens attempt to adjust to their new home

and new laws.

US Congressman Armey, however, against the actions suggested by the OECD precisely

espoused a key tenet; ‘We have made considerable progress convincing many offshore

106

Supra at note 10

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